Show:
Supply
Demand
Market Structures
Taxes
Personal Finance
100

Cost of production lowers. How does this affect supply?

Supply increases

100

Hair scrunchies go out of style. What happens to demand?

Demand decreases.

100

True or False: In a perfect competition, there are a lot of firms. 

True

100

What is the tax you pay on your home?

Property tax


100

What percent of your income should go to savings?

20%

200

The government creates a new subsidy for Apple products. How does this affect supply?

Supply increases

200

The demand for peanut butter goes up causing the demand for jelly to go up. What are these products called?

Complimentary goods


200

What is one example of a monopolistic competition?

McDonalds

200

What is the tax you pay on tobacco and alcohol?

Excise tax

200

What percent of your income should go to fixed expenses?

50%

300

The government raises taxes on macaroni and cheese. How does this affect supply?

Supply decreases.
300

The demand for Coke goes down, and the demand for Pepsi goes up. What type of products are these?

Substitute goods

300

What is one example of an oligopoly?

Airline companies

300

What percent of your income goes to income tax?

25% (roughly)

300

What percent of your income should go to extras/fun?

30%

400

Supply of headphones has increased. What has happened to the new equilibrium price and quantity?

Quantity increases, price decreases

400

The demand for candles increases. What happens to the new equilibrium price and quantity?

The price goes up, the quantity goes up

400

What is an example of a monopoly? 

Charter Spectrum/HECO on Oahu

400
List two reasons why taxes are good. 

Pay for schools and roads. 

400

When should you start saving for retirement?

NOW!

500

What is the Law of Supply?


When the price of a good or service rises, the producer (the business) will want to make or produce more of the good.

500

What is the Law of Demand?

Consumers are willing to buy (demand) more of a good or service when prices go down.

500

List 3 characteristics of monopolistic competition. 

Many firms, similar products but differentiated, have some control over prices

500

List two reasons why taxes are bad. 

Corporations don't pay their fair share. The wealthy should be taxed more.

500
List 4 examples of other things you had to budget for in your monthly budget. 

Transportation, student loan payments, food, electricity.