Show:
Supply
Demand
Determinants of Demand
Equilibrium,Supply and Demand Shifts
Examples
100

Supply comes primarily from what group?

What are producers/firms/companies?

100
Demand comes primarily from this group
Who are consumers?
100

Popularity of Owala water bottles soars. What is the determinant of demand?

Consumer Tastes -Demand

100
The point at which supply and demand meet
What is equilibrium?
100
hot dog and buns
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 - effect on production of Strawberry Banana Smoothies. What is the determinant of supply?

Input Costs

200

If the price of milk is expected to rise in October, what will be the impact on supply for milk in September?

The supply will DECREASE for the month of September

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

The equilibrium price decreases because the increased availability of goods at each price level creates more competition among sellers, leading to lower prices to sell the larger quantity supplied

300

When Pam's income increased by 10%, her quantity demanded of hotel rooms increased by 5%.  What kind of good does Pam consider hotel rooms?

A normal good

300

Zombie apocalypse wipes out 50% of US

Market Size

300

Scenario: A popular fitness influencer promotes daily workouts, and millions of followers begin prioritizing exercise.

Shifter

Change in Demand 

Graph

300

Give 3 examples of inferior goods

  • Instant noodles

  • Public transportation

  • Generic/store-brand products

400
Give an example of a government action that can cause a shift in supply
Excise tax, subsidy
400

How is Quantity Demanded show on a graph

There will be movement along the curve

400

If good X is an inferior good and good Y is a normal good. If in come in the economy decreases, what is the impact on demand for good X and demand for good Y?

Demand for good X will increase and demand for good Y will decrease.

400

Scenario: A major coffee-producing country experiences a severe drought that destroys crops.

Shifter

Change in Supply

Graph

400

Give three examples of normal goods

  • Fresh fruits and vegetables 

  • Clothing from brand-name stores

  • Dining out at restaurants 

500
An excess 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 $150/hour
Income
500
If a price ceiling is set below the equilibrium it results in this kind of disequilibrium
What is shortage?
500

Guess the type of economy

- A small village in a remote area grows crops exactly the way their ancestors did for hundreds of years. They trade surplus goods with neighboring villages, but everyone follows the same farming traditions.
- In a country, most businesses are privately owned, but the government provides public services like healthcare, roads, and social welfare. Companies can compete freely, but some industries, like energy, are regulated by the government.

- The government owns all factories and farms. It decides what products will be made, how much will be produced, and sets all the prices. Citizens have very little choice in what to buy.