Demand
The law stating that as price increases, quantity demanded decreases.
What is the Law of Demand?
The law stating that price and quantity supplied move in the same direction.
What is the Law of Supply
This determinant of demand refers to how much money consumers have available to spend, which affects their purchasing power.
What is income?
This determinant of supply refers to the price of materials and labor used to produce a good.
What are input costs
This 2004 Blizzard MMORPG let players explore Azeroth and became one of the most successful subscription-based games of all time.
World of Warcraft?
If only the price increases or decreases, it is called
This term describes the willingness and ability of producers to sell a good at various prices.
What is Supply?
When the price of one good increases and causes consumers to buy more of another good instead, this determinant is at work.
What are substitute goods (or the price of related goods)?
When new machinery allows workers to produce more output in less time, this determinant of supply has improved.
What is technology?
Released in 2011 by Mojang, this sandbox game allows players to build, explore, and survive in a blocky, procedurally generated world. Watch out for the Ender Dragon!
What is Minecraft?
When prices increase, and my salary stays the same means that I can't buy the same amount of a good or service.
Real Income effect
This curve typically slopes upward from left to right because higher prices incentivize producers to produce more.
What is the Supply Curve?
This determinant of demand reflects how consumers’ beliefs about future prices or income can change how much they buy today.
What are consumer expectations?
If the government places a tax on producers, this determinant of supply causes the supply curve to shift left.
What are taxes
If you are the Master Chief, then you must be playing
Halo
Coke price rises so I buy Pepsi the is known as the
Substitution Effect
A decrease in production costs would cause this type of change to the supply curve.
What is an increase in supply (or rightward shift of the supply curve)?
When a product becomes popular because it is trending on social media or endorsed by celebrities, this determinant influences demand.
What are tastes and preferences?
If businesses expect the price of their product to rise in the future, they may reduce current supply because of this determinant.
What are expectations of future prices?
I am the brother that doesn't get as much shine, but Mario is a badass.
Who is Luigi
Hey, look, Monkeys!
Oh, look more...Monkeys
What the hell, more monkeys!??
With each additional unit, I get less Satisfaction
What is Diminishing Marginal Utility?
The 5 major factors that will shift the entire supply at every price and quantity
What are the Determinants of Supply?
An increase in this determinant usually leads to a higher demand for products such as school supplies, food, and clothing in a community.
What is the number of buyers (or population)?
When more businesses enter the market and begin producing the same product, this determinant increases supply.
What is the number of firms
Which game could you hear:
Where we droppin' boys?
Just build, lol.
The more you camp, the worse you get
It's not where you land, it's about where the storm will take you.
Fortnite