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1 st Six Weeks Supply and Demand J. Conroy

Learn about the Laws of Supply and Demand, elastic and inelastic goods, equilibrium, and factors that shift supply and demand curves.

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1 st Six Weeks Supply and Demand J. Conroy

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  1. Jeopardy 1st Six Weeks Supply and Demand J. Conroy

  2. Supply Demand Elasticity Equilibrium 100 100 100 100 200 200 200 200 300 300 300 300 400 400 400 400 500 500 500 500

  3. Row 1, Col 1 When Prices increase, QS increases; and when prices decrease, QS decreases This is the Law of Supply

  4. 1,2 When prices increase, QD decreases; and when prices decrease, QD increases. This is the Law of Demand

  5. 1,3 What is an elastic good? This good’s QD responds drastically to a small change in price.

  6. 1,4 What is an E, EQ and EP? This is the symbol for Equilibrium

  7. 2,1 What is a movement on the Supply Curve? This is a change of QS

  8. 2,2 What is a shift in demand? This is when the whole demand curve changes and goes to the left or right.

  9. 2,3 What is an inelastic good? There are very few satisfactory substitutes for this type of good.

  10. 2,4 What is equilibrium or QS=QD? Everyone in the market is satisfied at this point.

  11. 3,1 What are input prices, technology, expectations, and number of sellers? These are the four factors that shift supply

  12. 3,2 What are income, expectations, tastes, prices of comp., prices of subs, and number of buyers? These are the Six factors that Shift Demand.

  13. 3,3 A necessity is inelastic and a luxury is elastic What is the difference between a necessity and a luxury?

  14. 3,4 What is a surplus? This is when QS is greater than QD.

  15. 4,1 Depends on the answer What would cause a leftward shift in supply

  16. 4,2 When the future prices are expected to rise, current demand will rise. This is how future prices are related to current demand.

  17. 4,3 What are elastic goods? Goods whose purchase can be easily delayed have this kind of elasticity.

  18. 4,4 What is a price floor? This is the legal minimum price at which a good can be sold.

  19. 5,1 … Depends on the answer… Survey says… This would create a rightward shift in supply.

  20. 5,2 What are complements? Products have this relationship when people demand more of product x when the price of product y decreases.

  21. 5,3 What are inelastic goods? In the short run, goods tend to have this kind of elasticity compared to the long run.

  22. 5,4 What is prices will adjust over time so that QS=QD? This is the Law of Supply and Demand.

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