Supply and Demand Review P.1
Hubert's Economics Class 2020
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Topics of this game:
- What is the definition for microeconomics
- What is the law of supply?
- What concept have you learned that relates to wants?
- Which concept have you learned that relates to people buying less of an item they need that has increased in cost WITHOUT increasing purchases of other items?
- Mr. Carrington buys his favorite chocolate chip cookie at the store. His first two or three cookies are very satisfying but the last 2 are not. What concept have you learned that relates to him getting less satisfaction out of eating more than 2 or 3 cookies?
- Which of the following equations relates to the Law of Demand?
- Which equation relates to the Law of Supply?
- Which concept relates to factors other than price that determine a demand curves shift?
- The ________ _________ schedule, lets business owners know how customers may react to price changes
- Does "ceteris paribus" relate to all possibilities that can cause a shift on a demand/supply curve?
- What does a shift to the left on a supply curve demonstrate?
- What does a shift to the right on a demand curve mean?
- What represents a demand schedule on a graph?
- Is this statement true or false, "A change in the price of a product DOES cause a demand curve to move, or 'shift'"
- If your demand for an item decreases as your income increases, what type of good is this?
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