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Supply and Demand
5 pages

Supply and Demand

This curve demonstrates what idea: As price increases, quantity supplied goes up. A point ON the curve could change if....: Price changes. If the price of a good goes up, what will happen to quantity supplied: It will increase. What will happen to quantity demanded if the price goes down? : It will increase. What could cause the shift from D1 to D2: A change in preferences. This graph represents...: Changes in demand. Which is a determinant or shifter of supply? : All of the above. There is a record peach harvest, and prices are lowest in decades, what will happen to the supply curve for peach pies? : The supply curve will shift to the right. Congress passes a new "Sugar Tax", how will this impact the supply curve for sugar? : The supply curve will shift to the left. Prices of blueberries rise dramatically, how will this impact the demand curve for strawberries: The demand curve will shift to the right . Experts say that in five years, video games will cost 200% more than they do now, how will this affect the demand curve for video games now? : The demand curve will shift to the right . Research suggests that consuming sugar can cause health problems. What happens to the demand for Gummy Bears? : The demand curve will shift to the left. The point in the middle of the two curves represents or shows....: Market Equilibrium. ________ occurs when quanity demanded is higher than quantity supplied. : Shortage. ________ occurs when quanity supplied is higher than quantity demanded. : Surplus

Grade:Grade 11_AI - College_AI
1.9k
Intro to Economics
3 pages

Intro to Economics

What are the Four Factors of Production: Capital, Entrepreneurship, Land, Labor. Which factor of production would the following be?Oil: Natural Resources. Which factor of production would the following be?Money: Capital. Which factor of production would the following be?Financing a Business: Entrepreneurship. Defined as a state in which there is a limited number of resources available: Scarcity. If I am given an option to buy a something and get a second one free this is an example of a... : Incentive. As price goes down, demand goes up is an example of what? : The Law of Demand. The Demand Curve always… : Curves down to the right. Consuming more of one good because of a change in price of another good is known as the…: The Substitution Effect. Goods that are bought together such as Milk and Cereal are known as: Complimentary Goods. The desire to own something and the ability to afford it is known as..: Demand. What determines the price and the quantity produced of most goods? : The interactions between supply and demand. What is quantity of a good or service that producers sell at a market price: Supply . A term used to describe when supply and demand are balanced: Equilibrium . A financial gain especially the difference between the amount earned and the amount spent on something is known as: Profit. An Entrepreneur is..: . A product that shows a happy couple using a product is an example of advertising using..: Pathos. An advertisement that shows the nutrition facts for a bottle of juice is using which method of persuasion: Logos. Shaquille O'Neal advertising the product Icy Hot is an example of which persuasion technique: Ethos. Economics with a look at large scale problems such as unemployment and national inflation is an example of..: Macro Economics. Economics that looks at smaller issues such as when to release a new product at a local business is an example of..: Micro Economics. The consequences of choices that people make in economics always : Lies in the future. When people economize they are..: Choosing between alternatives that they perceive to have the best benefits over cost

Grade:Grade 9_AI - Grade 12_AI
1.7k

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