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Economics Fundamentals in Demand and Supply

Learn about economic principles of demand and supply, including graphs, production possibilities, and shifters that impact markets. Explore the laws and curves that govern consumer behavior and resource allocation.

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Economics Fundamentals in Demand and Supply

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  1. Jeopardy! Genesis Ventura Period 2 Begin

  2. Demand Supply Principles Graphs Production possibilities Shifters $100 $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 $500

  3. - $100The amount of a good that buyers are willing and able to purchase. C1-$100 Quantity demanded

  4. - $200The claim that, other things equal, the quantity demanded of a good falls when the price of a good rises. C1-$200 Law of demand.

  5. - $300A graph of the relationship between the price of a good and the quantity demanded. C1-$300 Demand curve

  6. - $400Various things shift a demand curve right or left. These are things that are not price, example: seasons, tastes and preferences etc C1-$400 Changes is demand

  7. - $500A table that shows the relationship between the price of a good and the quantity demanded. C1-$500 Demand schedule

  8. - $100The claim that, other things equal, the quantity supplied of a good rises when the price of the good rises. C2-$100 Law of supply

  9. - $200A graph of the relationship between the price of a good and the quantity supplied. C2-$200 Supply curve

  10. - $300All things being equal, more is supplied at a higher price than at a lower price. C2-$300 Price effect/law of supply

  11. - $400Various things shift a supply curve right or left. Suppliers are willing to offer more or less for sale at each and every price. C2-$400 Changes in supply

  12. - $500A table that shows the relationship between the price of a good and the quantity supplied. C2-$500 Supply schedule

  13. - $100Where there aren’t enough resources available to satisfy our wants. C3-$100 Scarcity

  14. - $200Rewards designed to influence a specific behavioral response. C3-$200 Incentives

  15. - $300Physical objects produced for sale. C3-$300 Goods

  16. - $400Activities done for us by others C3-$400 Service

  17. - $500Can be money, or any tool that helps us produce a good or service C3-$500 Capitol

  18. - $100 C4-$100 Supply Curve

  19. - $200 C3-200 Demand curve

  20. - $300 C3-$300 Circular flow of income

  21. - $400 C3-$400 Shift in demand

  22. - $500 C3-$500 Supply and demand curve

  23. - $100The second best choice you gave up when you chose the first best choice C4-$100 Opportunity cost

  24. - $200Condition where the maximum output is produced with the given resources and technology. C4-$200 Productive efficiency

  25. - $300What Occurs when an economy operates inside the PPC/PPF? C4-$300 Inefficiency/unemployment

  26. - $400What Occurs at any point outside the PPC/PPF? C4-$400 Unattainable

  27. - $500As more of a good is produced, the opportunity costs of producing that good increase C4-$500 Law of increasing opportunity costs

  28. - $100Consumer Numbers shift what? C4-$100 Demand curve

  29. - $200Future Expectations shift what? C4-$200 Demand curve

  30. - $300Number of Sellers shift what? C4-$300 Supply curve

  31. - $400Price of Related Goods such as substitutes and complements shifts what? C4-$400 Demand curve

  32. - $500Taxes and Subsidies shift what? C4-$500 Supply curve

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