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Supply and Demand!

Supply and Demand!. Question 1 - 10. Demand is made up of these two things. Answer 1 – 10. What is DESIRE to own something and the ABILITY to pay for it?. Question 1 - 20. The Law of Demand states that if prices go down, this will happen to demand. Answer 1 – 20. What is go up ?.

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Supply and Demand!

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  1. Supply and Demand!

  2. Question 1 - 10 • Demand is made up of these two things.

  3. Answer 1 – 10 • What is DESIRE to own something and the ABILITY to pay for it?

  4. Question 1 - 20 • The Law of Demand states that if prices go down, this will happen to demand.

  5. Answer 1 – 20 • What is go up?

  6. Question 1 - 30 • The Substitution Effect says that if the price of a normal good goes up, demand for a substitute good will do this.

  7. Answer 1 – 30 • What is go up?

  8. Question 1 - 40 • Elasticity of Demand measures this.

  9. Answer 1 – 40 • What is how sharply customers will react to price changes.

  10. Question 1 - 50 • When the demand for cell phones goes up, the demand for chargers also goes up because these two items are this.

  11. Answer 1 – 50 • What are Complements? (Complementary Goods)

  12. Question 2 - 10 • Supply is made up of these two things.

  13. Answer 2 – 10 • What is the amount of a good a producer is WILLING AND ABLE to produce at a given price?

  14. Question 2 - 20 • The Law of Supply states that as the price of a product falls, producers will do this.

  15. Answer 2 – 20 • What is make LESS of the product?

  16. Question 2 - 30 • Advancements in technology tend to have this effect on supply of certain goods.

  17. Answer 2 – 30 • What is INCREASE SUPPLYat a given price?

  18. Question 2 - 40 • This is the ultimate goal of a producer when deciding on whether or not to make more or less of a good.

  19. Answer 2 – 40 • What is to MAXIMIZE PROFITS ?

  20. Question 2 - 50 • When customers demand more than producers are able to supply, this is created.

  21. Answer 2 – 50 • What is a SHORTAGE ?

  22. Question 3 - 10 • If the DEMAND curve shifts to the right, it indicates that this has happened.

  23. Answer 3 – 10 • What is DEMAND HAS GONE UP for some reason?

  24. Question 3 - 20 • If the SUPPLY curve shifts to the right, it indicates that this has happened.

  25. Answer 3 – 20 • What is SUPPLY HAS GONE UP for some reason?

  26. Question 3 - 30 • If DEMAND drops, this is the direction the DEMAND curve moves.

  27. Answer 3 – 30 • What is to the LEFT?

  28. Question 3 - 40 • If SUPPLY drops, this is the direction the SUPPLY curve moves.

  29. Answer 3 – 40 • What is to the LEFT?

  30. Question 3 - 50 • If SUPPLY drops, this is the direction the DEMAND curve moves.

  31. Answer 3 – 50 • What is IT DOESN’T MOVE AT ALL.

  32. Question 4 - 10 • IT is what is measured on the VERTICAL AXIS.

  33. Answer 4 – 10 • What is PRICE?

  34. Question 4 - 20 • This is indicated by the HIGHLIGHTED line?

  35. Answer 4 – 20 • What is DEMAND?

  36. Question 4 - 30 • What is measured on the HORIZONTAL AXIS?

  37. Answer 4 – 30 • What is QUANTITY?

  38. Question 4 - 40 • The name of the point indicated here:

  39. Answer 4 – 40 • What is EQUILIBRIUM?

  40. Question 4 - 50 • It’s the value found at the bottom left side of curve.

  41. Answer 4 – 50 • What is ZERO?

  42. Question 5 - 10 • It’s the action shown below:

  43. Answer 5 – 10 • What is DEMAND IS SHIFTING RIGHT (demand is increasing)?

  44. Question 5 - 20 • It’s what happens to price when the following happens:

  45. Answer 5 – 20 • What is PRICE RISES?

  46. Question 5 - 30 • An economist makes this to predict how a large number of people will change their buying habits when prices increase or decrease. In hundreds of dollars  In thousands of  bushels

  47. Answer 5 – 30 • What is a MARKET DEMAND SCHEDULE?

  48. Question 5 - 40 • If a PRICE FLOOR (lowest possible price for a product) is imposed by an outside force, this is created:

  49. Answer 5 – 40 • What is a SURPLUS?

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