Thinking like an economist
The desire for a good exceeds the amount available
What is Scarcity
The economic concept that describes how much consumers are willing to make a purchase at various prices.
What is Demand?
This is the upward sloping curve in a supply/demand model.
What is the supply curve?
Apple produces 1.5 million units of the new folding phone, but only 1000 are sold.
Apple now has a ____ in product.
What is a surplus?
Doctors discover that eating bananas can increase your IQ. How does this affect the market for bananas?
What is an increase in supply?
Because resources are limited, individuals must give up one option to pursue another — economists call this the value of the next best alternative.
What is opportunity cost?
This is the largest convience store chain in the world
What is 7/11
This person is the current host of jeopardy, and holds the record for longest running contestant.
Who is Ken Jennings?
I want to buy a brand new PS5 but I need to get GTA 6. What is the relationship called between these two goods?
(hint- consumtion of one product is enhanced by another)
What are compliments?
You can either stay up with friends and watch movies, or get a good night sleep, you choose to stay up and watch movies. What is your opportunity cost?
What is a good nights sleep?
This is the downward sloping curve in a supply and demand model.
What are the names of your two learning fellows?
Who are Ashley and Elliot?
This is the primary way that goods are rationed in a market economy.
What is price?
The price of chicken decreases substantially due to supply-side issues, what happens to the price of pork? Hint: assume these are substitutes
What is a price decrease?
The market structure in which many firms sell identical products, and no single firm can influence the prices.
Hint: fruits and vegetables typically fall in this catagory
What is perfect competition?