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Terms
Definitions
Supply/Demand
Goods, Services, Needs, and Wants
Fun category
100

What is something that someone needs to survive?

Need

100

What is a want?

Something that someone would like to have but does not need.
100

If Incomes Increase, what happens to the demand for hotels in Orlando & tickets to disneyworld?

Increase in Demand

100

Groceries (Is it a good or Service and Need or Want)

Good and Need

100

What is the fast-food chain’s mascot is a red-haired girl with pigtails and freckles?

Wendy's

200

What is a physical/tangible item you can buy called?

Good

200

What is Service?

An intangible object of value such as work of labor performed.

200

If the market is at equilibrium, if demand for a good is at $40, What is the price of supply?

$40

200

Sports Car (Is it a good or Service and Need or Want)

Good and Want

200

What is the planet in our solar system is known for having the most visible rings>

Saturn

300
What is it when there Demand > Supply?

Scarcity

300

What is Surplus?

When Supply > Demand

300

Availability of complimentary goods - If there is a shortage of complimentary goods, and the price of peanut butter doubles, what may happen to the demand for jelly?

Demand Decreases?

300

Haircut (Is it a good or Service and Need or Want)

Service and Need

300

What is the social media app is known for short dance trends and “For You” pages?

TikTok

400

What is the point called where Supply = Demand?

Equilibrium Point

400
What is a complimentary good?

A product that is often used or bought with another product.

400

A recent hurricane goes through the coast of Florida. What will happen to the demand for home restoration? 

Demand Increases

400

Shampoo (Is it a good or Service and Need or Want)

Good and Need

400

Who is the NBA player with the nickname “King_______"?

Lebron James

500

What is Demand Schedule?

The quantities of a particular goods or services consumers are ready, willing, and able to buy at different possible prices.

500

What is the Law of Supply?

As prices increase, more sellers will be willing to sell their products/services and as prices decrease, the less sellers will be willing to sell.

500

 If the government puts in a law that subsidizes companies that make computer chips in the US, what will happen to supply of computer chips in the US?

Supply Increases

500

Bank Account (Is it a good or Service and Need or Want)

Service and Want

500

What is the classic board game involves buying properties like Boardwalk and Park Place?

Monopoly