Demand
Supply
Vocabulary
Scenarios/graphs
Miscellaneous
100
The law of demand states that
When the price of a product goes up, the demand for the product goes down (inverse relationship)
100
The law of supply states that
When the price of a product goes up, the quantity supplied of the product goes up (direct relationship)
100
When supply is greater than demand it is called a?
Surplus
100
The income of all citizens in the United States goes down by 20% due to COVID 19. Which graph shows the correct shift?
Graph B
100
What city is hosting the 2028 olympics?
Los Angeles
200
If the price of spaghetti sauce decreased, what would happen to the demand of pasta? (Must state increase or decrease, and the factor why)
Demand Increase
Factor- Related goods (Complements)
200
The price of paper increases. What will happen to the supply of Textbooks? (State whether it will increase or reason and the factor)
Decrease (Input costs)
200
When Demand is higher than supply can keep up it is called a?
shortage
200
Apple expands into six new countries. Which graph best represents what would happen?
Graph C
200
How many eyes does a bee have?
5
300
When a customers need for a product is not urgent (they have more time) the demand is________
Elastic
300
Expenses that the owners of a business must incur regardless of production like rent payments and property taxes are considered?
Fixed costs
300
Goods that are used together, like hot dogs and buns.What are they called?
Complements
300
Nike increases the price of all their shoes by 25%. Which graph shows what would happen to Adidas shoes?
Graph A
300
What is the most used spice in the world?
Black pepper
400
Which of the following would not SHIFT the demand curve for Bananas?
A. An increase in the price of a close substitute
B. An increase in the income of consumers
C. Study says that Bananas cause cancer
D. Decrease in the price of Bananas
E. New research shows health benefit of Bananas
D. Decrease in the price of Bananas
400
Is the supply curve downward or upward sloping? (200)
Why is it upward or downward? (200)
Upward
As prices increase, supply increases
400
Legally determined maximum price that sellers may charge is called a?
Price ceiling
400
The price of milk decreases. Which graph shows what would happen to Starbucks coffee?
Graph C
400
Which country has the most active volcanoes?
Indonesia
500
Consumers learn that a new study shows oat milk has significantly better health benefits than cow’s milk. How does this affect the demand for cow’s milk, and which factor is responsible?
Increase or decrease?
What factor?
Shift right or left?
Demand decreases due to tastes and preferences. Curve shifts left.
500
If you buy something on sale, what could be the reason? (Choose two) (250 each)
There is excess supply and not enough demand
There is excess demand and not enough supply
There is a shortage of the good
There is a surplus of the good
There is excess supply and not enough demand
There is a surplus of the good
500
When the price of a good changes, the result is this movement along the demand curve. What is this called?
Change in Quantity demanded
500
Identify if it is a change in supply or a change in quantity supplied, whether it is an increase or decrease, and what factor caused the change.
Headline: National price of gym shoes increases by 15%.
→ How would this headline affect the supply of gym shoes?
Quantity Supplied would increase (Movement) because the price increased.
500
On average, what is the thing that Americans do 22 times a day?
Open the fridge