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Identify that factor!
Key Terms
Scenarios
Other stuff you should know
Ms. Sanine
100
Factor: number of producers
What is shifts supply?
100
The price at which quantity demanded equals quantity supplied.
What is equilibrium?
100
The government passes an increase in the minimum wage, so your TV company has to pay its workers more. What happens?
What is supply decreases (higher costs of production)?
100
When price increases and so does quantity.
What is the law of supply?
100
Ms. Sanine's favorite type of cookie.
What is classic chocolate chip?
200
Factor: Government regulations
What is shifts supply?
200
All the money a company brings in from sales.
What is revenue?
200
New York City’s tourism industry is hurting because of the recent snow storm. As a result, hotels throughout the city are having a special promotion—pay for two nights, get one free. How will this affect supply or demand for flights on JetBlue airlines?
What is decrease in demand (price of substitutes decreases)?
200
When quantity demanded is higher than quantity supplied.
What is a shortage?
200
Ms. Sanine's favorite student.
What is no faves?!
300
Factor: change in population
What is demand?
300
The sum of all costs for a company to produce their good/service.
What is total cost?
300
After extensive studies were conducted, headphones for the iPod are found to cause a tremendous amount of hearing loss, resulting in a widespread panic amongst iPod users.
What is decrease in demand (consumer tastes)?
300
When price increases, quantity decreases.
What is the law of demand?
300
Ms. Sanine's favorite type of candy.
What is Twix?
400
Factor: consumer income
What is shifts demand?
400
The cost of producing one additional unit of output.
What is marginal cost?
400
A new Wal-Mart is built off of highway 580. People pull off the highway, eager to shop, eat, and fill up their tanks. What happens to the market for gas?
What is increase in demand?
400
When quantity supplied is higher than quantity demanded.
What is a surplus?
400
Ms. Sanine's least favorite question asked by students who miss class.
Did we do anything yesterday in class?
500
Factor: technology
What is supply and demand?
500
The whole amount of something.
What is aggregate?
500
The price of gasoline has risen to $4.50 a gallon. People still demand gas to drive their cars.
What is an increase in quantity supplied?
500
When the price changes and yet quantity does not move much.
What is inelasticity of demand?
500
Ms. Sanine's favorite class in high school.
What was AP Government?