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Supply
Demand
Factors
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
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 - Affect on production of Strawberry Banana Smoothies
Input Costs
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 decreases or goes down?

300
When a large increase in price causes a small increase in supply
What is inelastic demand?
300
Zombie apocalypse wipes out 50% of US
Market Size
300
Give one example of a price floor, what does a price floor create?
Minimum wage, surplus
300
Red sox set price limit on tickets for 2012 season at $50 this is a example of a...
Price Ceiling
400

An example of a government action that can cause a shift in supply

What is an Excise tax or a subsidy?

400
Fads, Trends, Peer Pressure and Personal Opinions altering demand are all examples of this
What is consumer tastes?
400
P. Diddy decides to come out own brand of hand knitted sweaters - P. Knitty
# of Producers
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%
Price Floor
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
Polo Button Down Shirt and an Old Navy Button Down are examples of what types of goods
Normal and Inferior