Show:
Supply
Demand
Determinants
Supply and Demand
Example-o-rama
100
Supply comes primarily from what group
What are firms/companies?
100
Demand comes primarily from this group
Who are consumers?
100

Popularity of Garden Gnomes Soars

What is TRIBE - T- Consumer Tastes -Demand?

100
The point at which supply and demand meet
What is equilibrium?
100

hot dog and buns

What are complements?

200
The Law of Supply states that as prices increase, supply does this
What is increase?
200
The law of demand states that as prices decrease, demand does this
What is increase?
200

Prices of Bananas skyrockets - Affect on production of Strawberry Banana Smoothies

What is ROTTEN - R - Input Costs - SUPPLY?

200

Any point on a supply and demand curve that is not where the two curves meet is called this

What is disequilibrium?

200

Iphones and Android Phones

What are substitutes?

300

When supply curve shifts to the right, what affect does it have on the equilibrium price

What is decrease?

300
When a large increase in price causes a small increase in supply
What is inelastic demand?
300

A war wipes out 50% of US

What is TRIBE - B - Market Size - DEMAND?

300

Give one example of a price floor, what does a price floor create?

What is Minimum wage, surplus?

300

Red sox set price limit on tickets for 2012 season at $50 this is a example of a...

WHat is a Price Ceiling?

400

Give an example of a government action that can cause a shift in supply

What is an Excise tax, subsidy?

400
Fads, Trends, Peer Pressure and Personal Opinions altering demand are all examples of this
What is consumer tastes?
400

ZOWWEE brand comes out with a line of talking toys to compete with WOWWEE's fingerlings

What is ROTTEN - N - # of Producers SUPPLY?

400

A chart that helps an business determine at what prices demand will increase

What is a demand schedule?

400

Government declares that student loan interest rates must be higher than 8%

What is a Price Floor?

500

A surplus of supply is typically created by government initiation of this

What is a Price Floor?

500
A product that must be used in conjunction with another product
What is a complement?
500

Minimum wage gets raised from 8 bucks to $15/hour

What is TRIBE - I - Income - DEMAND?

500

If a price ceiling is set below the equilibrium it results in this kind of disequilibrium

What is shortage?

500

Stanley and Owala Mugs vs Artic mugs are examples of what types of goods

What are Normal and Inferior goods?