1 / 36

This is JEOPARDY

This is JEOPARDY. Supply and Demand Mr. Booth/Alex Trebek. Categories. 100. 200. 300. 400. 500. Def. of Demand. 100. 200. 300. 400. 500. Def. of Supply. 100. 200. 300. 400. 500. Elastic or Inelastic. What If?. 100. 200. 3 00. 400. 50 0. Random. 100. 200. 300. 400.

travis
Download Presentation

This is JEOPARDY

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. This is JEOPARDY Supply and Demand Mr. Booth/Alex Trebek

  2. Categories 100 200 300 400 500 Def. of Demand 100 200 300 400 500 Def. of Supply 100 200 300 400 500 Elastic or Inelastic What If? 100 200 300 400 500 Random 100 200 300 400 500 Review Questions 100 200 300 400 500

  3. Final Jeopardy

  4. QD would decrease from 10 to 5. You have $50 and want to buy some CD’s. If prices of CD’s rose from $5 each to $10, how would your quantity demanded of CD’s change?

  5. Benefit or satisfaction gained from using a good or service What is Utility?

  6. You buy more if the price is lower and buy less if the price is higher What is the Income Effect?

  7. When you react to a change in price and buy a similar product Ex. Going to a movie instead of renting a DVD from Blockbuster What are Substitutions or the Substitution Effect?

  8. Demand for these goods fall as income rises. Example: Discounted clothing What are Inferior Goods?

  9. When the use of a product increases the use of another product. Example: Cereal and Milk What are Complements?

  10. The change in total product by adding more workers What is Marginal Product?

  11. Costs that depend on the level of output. Example: Wages for workers What are Variable Costs?

  12. Tax on items the government is interested in discouraging. Ex: Tax on Cigarettes What are Excise Taxes?

  13. This controls businesses behavior. Ex. Government _____the prescription drug industry so people don’t die from a dangerous drug What is Regulation?

  14. Example: Cost that a business must pay regardless of output. Example: A business paying its lease or even utilities. What are Fixed Costs?

  15. A good with a lot of substitutes. What is Elastic?

  16. “Don’t Choke!” Daily Double

  17. A luxury item like a Ferrari What is Elastic?

  18. Insulin What is Inelastic?

  19. Sweet rims for an Escalade What is Elastic?

  20. Ice Cream What is Elastic (many substitutes if prices goes up)?

  21. A software company invest in a set of fast, new computers that allow employees to test their new programs easily and quickly. What factor is this and how will it affect supply? Want is Technology/Increase/Shift Right?

  22. A farmer is deciding how much tobacco and how much corn to grow on the farm. Congress recently cut the subsidies that it pays farmers to raise tobacco. What factor is this and how will it affect supply of both crops? A. Government Action/tobacco will decrease in supply and supply of corn will increase and move to the right.

  23. Situation: Substitutes. The price goes up for a movie. What happens to the demand of renting a DVD (Substitute). It goes _____ What is Up ?

  24. A tool-making company hires several workers who got degrees from a technical school, where they learned manufacturing techniques. Which factor is this and how will it affect supply? A. What is productivity/ Supply will increase and shift the curve to the right?

  25. “Don’t Choke!” Daily Double

  26. You own a company that makes wire. The price of copper has recently gone up. What characteristic is it and what happens to supply? A. Characteristic is input costs and supply will decrease and go to the left.

  27. Money made from producting an additional unit of output. What is Marginal Revenue?

  28. This law states that the marginal benefit of using each additional unit of a product during a given period will decline What the Law of Diminishing Marginal Utility?

  29. Goods that consumers demand more of when their incomes rise What are Normal Goods?

  30. When a worker focuses on a particular aspect of production What is Specialization?

  31. A government payment that partially covers the cost of an economic activity. Example: Government made payments to double the supply of ethanol (gasoline substitute) What is a Subsidy?

  32. A. Supply is above the equilibrium price = SurplusSupply is below the equilibrium price = Shortage How are surplus and shortage related to equilibrium price?

  33. Inelastic When consumers have few choices, will the demand be elastic or inelastic?

  34. A. They will buy the substitute because it’s cheaper. If the price of a substitute drops, will they buy the substitute or the original good?

  35. A. An increase in demand for coffee An increase in demand for one complement will have what effect on the other complementary good? Example: An increase in demand for sugar will have what effect on coffee?

  36. Does supply have an inverse or direct relationship? A. A direct relationship. If demand goes up, supply goes up because producers think they can make more money with more product sold.

More Related