Demand
Who Demands things?
Consumers
Who supplies things?
What is Demand?
Demand is the willingness and ability to buy a good or service
What is Supply?
the willingness and ability to produce goods and services
What is the Capital city of Sweden?
Stockholm
What makes buyers willing and able to buy more goods and services?
Decrease in price (or an ability to buy more stuff)
What makes suppliers willing and able to produce more?
Higher Prices or Profits
What is Scarcity?
Scarcity is when there are unlimited wants, and limited means (Knowledge, Time, Money)
Which way does the supplyu curve go?
Upward sloping to the right.
Who is on the New Zealand 100 Dollar Note?
Sir Ernest Rutherford
What does a price change look like on a demand curve?
A Movement along the curve
A movement along the curve
What does opportunity cost mean?
The next best alternative forgone when making a decision.
What is the Law of Supply?
As price increases, Quantity Supplied increases
Where is "Hobbiton" in New Zealand?
Matamata
What shifts the Demand Curve?
Income
Complementary good prices
Tastes/Preferences
Substitute good prices
What shifts the Supply Curve?
Costs of Production
Productivity
Natural weather
Technology
What is the Full Law of demand?
As price increases, Quantity Demanded decreases, Vice Versa, Ceteris Paribus
How does Technology increase productivity?
Which Organ in the body can partially regenerate?
The Liver
If income tax falls, which way would the demand curve shift?
To the right
If government places a tax on suppliers, which way would the supply curve shift?
Left
What does "Ceteris Paribus" Mean?
All other things remaining the same
Why does the Supply Curve slope upwards?
To reflect the Law of supply, and show that producers supply more at higher prices.
Which Country has the most timezones in the world?
France