Supply and Demand Review P.2
Mrs. H's Part 2 for Supply and Demand Review
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Topics of this game:
- What is a good that our demand increase for when our income increases?
- Nike launched a new campaign that did not go well, this caused the demand curve to shift to the left. Which determinant of demand is this?
- What are the determinants of Demand?
- Which determinant of demand relates to "when the demand for one item affects the demand for another item"?
- Select the concept below that relates to "food"
- Does subsidies cause a shift in the Supply Curve?
- What are the determinants (shifters) of Supply?
- Which determinant of supply is SIMILAR but not 100% the SAME as the determinant of demand, Consumer Expectations?
- Which concept below matches this definition, "amount of goods available"?
- What is the law of supply?
- What is the motive for production?
- What possibly occurs when a new business enters the market? (Hint: Supply and Production)
- What are the variables that the supply schedule takes into account?
- Which of the following is the correct formula to find elasticity when refering to Supply?
- What is the defintion for elasticity of supply?
- Which of the following types of elasticity is less than 1?
- How can you find the percentage change for elasticity if I DO NOT give you the percents?
- Which type of elasticity, in relation to supply, is the short term?
- Which option below could be an example of an inelastic or short-term good (relating to supply)?
- What is the marginal product of labor?
- Which of the following has the definiton of "costs that don't change (rent, property taxes)?
- What is the "formula" for total cost?
- What is the "equation" that relates to profit when discussing supply?
- Which level of output relates to the highest profit (SUPPLY)?
- Which determinant of Supply can decrease monopolies?
- Your ________ to pay for something reflects your _______ for that item.
- Which concept relates to people swapping a more expensive item for a less expensive one?
- What can INCREASE peoples purchasing power?
- What is a demand schedule?
- If we are discussing the ELASTICITY OF DEMAND, which "type" relates to consumers continuing to buy in spite of price changes?
- If we are discussing ELASTICITY OF DEMAND, which "type" relates to an example of lobster, steak, or crab legs?
- When calculating elasticity for DEMAND, what is the rule about the negative?
- The _______ of demand determines how much income a business will bring in when prices change.
- If an item is _________, raising the price by around 20% will increase a business' revenue.
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