Supply
The law of supply is
What is that as the price of a good or service rises, the quantity supplied increases; as the price falls, the quantity supplied decreases, assuming other factors remain constant.
What is meant by complements in terms of demand?
What is goods that are bought together Ex: Our burger Warm Up
Equilibrium in a market is....
What is equilibrium refers to the point where the quantity of a good or service demanded by consumers equals the quantity supplied by producers. At this point, there is no inherent force causing the price or quantity to change, and the market is "in balance."
What are blood diamonds and why are they controversial?
What is diamonds that are mined in war zones or areas controlled by rebel groups and sold to finance armed conflict against recognized governments. The term "blood diamonds" highlights the link between diamond mining and the funding of violent civil wars, human rights abuses, and the exploitation of workers.
What is "King Corn" and what does it represent in agriculture?
What is King Corn is the term used to describe the overwhelming use of corn in the American food industry.
A supply schedule represents what relationship between price and quantity
What is a table that shows the relationship between the price of a good and the quantity supply, showing that the price corresponds with the quantity. Shows an organized view of the law of supply and demand.
How does an increase in income typically affect the demand for normal goods?
What is Normal goods are those for which demand rises as consumers' income increases. When people have more disposable income, they tend to buy more of these goods because they can afford to do so. Examples of normal goods include things like clothing, electronics, dining out, and travel.
A surplus in a market is....
What is it means that the quantity supplied of a good or service exceeds the quantity demanded at the current price. In other words, producers are offering more of the good than consumers are willing to buy at that price.
Discuss the impact of the blood diamond trade on local economies
What is the diamond trade has a negative impact on local economies. It brews conflict.
How has the corn production changed in the past few decades in the US?
What is the production of corn has tripled in the US to feed live stock and sweeten food
What is an increase in price equals an increase in quantity, According to the law of supply, when the price of a good rises, producers are motivated to produce and sell more of it to take advantage of the higher profit potential
What happens to the demand for beef if there is a recall on all beef products?
Explain how a price ceiling can impact market equilibrium.
what is price ceiling is a government-imposed maximum price that sellers are allowed to charge for a good or service. The purpose of a price ceiling is typically to protect consumers from prices that are considered too high, especially for essential goods like rent, food, or gasoline.
What measures have been taken internationally to regulate the blood diamond trade?
What is Kimberley Process Certification Scheme (KPCS), established in 2003 to prevent the trade of blood diamonds = controls on tracking and verification of diamonds
What is soil degradation, high water usage, pesticides in our systems.
The factors that can cause a shift in the supply curve?
What is production cost, government policy, influencers (increase popularity) Ex: Crocs
How the price of gas affects the demand for public transportation.
What is the demand for public transformation would go up because gas makes driving on your own more expensive
What would likely happen to the market if the price is set above the equilibrium price?
What is a price is set above the market equilibrium price, it creates a situation where the price is too high for the forces of supply and demand to naturally balance. In this case, the market will likely experience a surplus of goods or services.
Does corn production influence the economy and food prices?
What is corn is the primary ingredient in many processed foods, so as the price of corn goes up so does the price of the foods it is paired with (complementary good)
How might a natural disaster impact the supply of goods in a market?
What is resource shortages and increased production costs