Evelyn, Ava, and Abigail are at a candy store. They all want to buy their favorite candy. When we say that they have a 'demand' for the candy, it means that they not only desire the candy, but also ___: have the ability to pay for it.. Aiden, Anika, and Hannah are having a debate. They are trying to figure out which of the following would classify as substitutes. Can you help them out: Eye glasses and contacts. Aria, Isla, and Sophia are playing a game of 'Identify the Complements'. Can you help them out? Which of the following would classify as complements: A tennis racket and tennis balls. Anika, Priya, and Liam are playing a game of 'Market Masters'. In this game, to make a profit, they will want to offer goods and services at the ____ price possible. : highest. Evelyn, Oliver, and Benjamin are running a lemonade stand. They noticed that when they increase the price of their lemonade, something happens to the demand. According to the law of demand, what happens to the demand as price increases: It decreases. Imagine Harper, Arjun, and Kai are running a lemonade stand. They notice that when they increase the price of their lemonade, fewer people buy it. What kind of relationship is this between price and quantity demanded: inverse. Imagine Olivia, Harper, and David are running a lemonade stand. They graph their results. They notice that even when they change the price of their lemonade, the demand curve doesn't shift. Why is that: Because the demand curve for their lemonade stand demonstrates a change in quantity demanded and price. Zoe, Noah, and Benjamin are having a debate. Zoe argues that demand curves slope downward due to the law of diminishing marginal utility. Noah thinks it's because of the direct relationship between price and quantity demanded. Benjamin believes it's because price is always on the horizontal axis of a demand graph. Who is correct: Zoe. Avery, Noah, and Priya are at an ice cream shop. Avery notices that each time they have another scoop of ice cream, they enjoy it a little less than the previous one. Which economic principle is Avery experiencing: the law of diminishing marginal utility. Imagine Abigail, Aiden, and David are playing a game of 'Economics Trivia'. They draw a card with the question: 'What is a normal good or service?': Abigail suggests: 'As our income increases, we'll want to buy more of these normal goods and services.'. Imagine Ava, James, and Ethan are playing a game of 'Economics Trivia'. Ava draws a card and reads out the question, 'What is an inferior good?' How would you help them answer: A good that when James gets a raise, he demands less of the good. . Imagine Abigail, Grace, and Olivia are playing a game of 'Economics Twister'. In this game, when an increase in demand occurs, which direction will their demand curve shift: right. Isla, Anika, and Avery are playing a game of 'Economic Shifts'. They are trying to figure out what happens when there's a decrease in demand. Can you help them? Which way will the demand curve shift: left . Imagine this, William, Oliver, and Nora are having a debate. They are trying to classify deodorant. According to you, which type of good is deodorant: neutral . Imagine Abigail, Luna, and Priya are running a lemonade stand. They notice that their demand changes with the size of their market. Can you help them understand what market size means: Is it a change in the population of their neighborhood?. Rohan, James, and Olivia are planning to start a lemonade stand. They are discussing the relationship between demand and market size. Can you help them understand this concept: . Ethan, Kai, and Michael are planning to start a lemonade stand. They are trying to understand how consumer expectations might affect their business. In this context, a change in demand based on consumer expectations means that:: demand for their lemonade will change now based on an expected change in lemonade price in the future.. Imagine Ava, Zoe, and Emma are in a market. They come across a table that lists the quantity of a good that a single person will buy at each price. What is this table called: demand schedule. Kai, Henry, and James are having a debate. They are trying to figure out the direction of the demand curve. Kai says it always slopes..: top left to bottom right. Isla, Maya, and Grace went to a shopping mall. They noticed that some goods are often bought and used together. What do we call such goods: . Imagine this scenario: Our friend Samuel just graduated from college and landed a dream job. He's so excited that he decided to buy a new Lexus. Maya and Ava are wondering, what economic factor caused Samuel's demand curve to shift in this situation: income. Imagine Abigail, David, and Evelyn are at a candy store. Abigail notices that when the price of her favorite candy is high, she tends to buy less. But when the price drops, she buys more. David and Evelyn observe the same with their favorite candies. What economic principle does this scenario illustrate: law of demand. Abigail, Nora, and Arjun are having a lively debate about economics. They're discussing the factors that influence demand. Suddenly, Arjun makes a statement that one of the following is not a factor that changes demand. But Abigail and Nora think he's wrong. Can you help them figure out which one is not a factor of demand: price. Imagine Benjamin, Arjun, and Ava are competing in a game show. They are asked: 'Which of the following graphs would be used to show a change in quantity demanded?' Who do you think answered correctly: Benjamin said: 'A'. David, Liam, and Abigail are having a friendly debate about economics. They are trying to figure out which of the following graphs would be used to show a change in demand. Can you help them out: Graph B
