All about Supply
All about Demand
Trying to find Balance aka Equilibrium
Graphing Supply
Graphing Demand
100
As the price for a good increases, the quantity supplied will _______________.
What is increase?
100
As the price of a good increases, the quantity demanded will _____________.
What is decrease?
100
This is the point where the supply and demand graphs meet.
What is the equilibrium point?
100
A change to this only moves along the supply curve, it does not move it left or right.
What is a change in price?
100
A change to this only moves along the demand curve, it does not move it left or right.
What is a change in price?
200
These are the two conditions that a producer must have to supply a good or service.
What is willingness and ability?
200
These are the two conditions a consumer needs to have to demand a good or service.
What is willingness and ability?
200
This occurs when the supply is greater than demand and demand is slow to catch up.
What is a surplus?
200
Fewer producers are in the market for gas-only engines so the demand graph for these engines and manufacturers moves this way.
What is to the left?
200
It's a heat wave in San Jose this weekend! As we all head to the beach, our demand curve for beach-related activities will look like this.
What is an increase or shifting to the right?
300
I'm baking cookies for the spring bake sale and I just saw that there is a sale on butter at the grocery store. I'm now able to sell cookies for cheaper and earn more profit, and this supply shifter is responsible for that.
What is supply shifter #1 (or change in the cost of inputs)?
300
One of the most popular type of products advertised on TikTok are skincare brands. This shifter would be responsible for an increase in demand for retinol creams.
What is shifter #3 (change in consumer tastes and preferences)
300
This graph shows not only an increase in demand, but an increase in these two factors as well.
What are equilibrium price and equilibrium quantity?
300
This graph shows this effect on supply:
What is decrease in supply?
300
McDonald's has decided to raise prices on their Big Mac. This is the resulting change to the demand curve.
What is no change? (only a change in price moves along the curve)
400
Help! I'm a farmer producing milk for sale. I need the government to set this to protect the price per gallon for milk.
What is a price floor?
400
Woo hoo! The economy has gotten better and workers across the country are seeing an increase in wages. This shifter is responsible, and the demand curve will shift this way.
What is shifter #1 (changes in income) and graph moves right?
400
A major medical study shows that kale is very effective in reducing risk of major diseases. This would be the resulting effects on equilibrium price and quantity for kale.
What is an increase in EQ price and quantity?
400
In-N-Out Burgers created a new machine that will automatically wash and cut potatoes into fries. The new supply graph looks like this AND this shifter is responsible.
What is an increase (move to right) and shifter #4 (change in technology)? 
400
With the rise in TikTok, downloads of Instagram and SnapChat have declined. The new graphs for IG & Snap look like this and this shifter is responsible.
What is shifter #3 (changes in consumer tastes & preferences) and it moves to the left/decreases?
500
I'm renting my first apartment and signing my rental agreement. My landlord says that they will only be able to raise my rent by 3% each year that I live there, which is an example of this.
What is price ceiling?
500
If I want to sell a snack or homemade good at Overfelt, I would want to know this, so I can know what to sell, how much to sell and what prices to set.
What is market demand?
500
An earlier than expected heat wave in California creates great growing conditions for strawberries. These changes result for equilibrium price and quantity.
What is an increase in EQ quantity and a decrease in equilibrium price?
500
Tesla is moving their operations to Texas instead of California where labor is cheaper. This shifter is responsible and will move the curve this direction.
What is supply shifter #1 change in the cost of inputs?
500
Spindrift sparkling waters have finally gone on sale! Consumers are now buying fewer LaCroix brand sparkling waters. The demand graph for LaCroix will look like this and this shifter is responsible for this change.
What is shifter #5 (change in price of substitute goods) and the curve will move left for LaCroix.
