Supply and Demand! Created by Educational Technology Network. www.edtechnetwork.com 2009

That’s Still Too Graphic Gimme! Gimme! Gimme! Make It, Take It! It’s Kind’a Shifty That’s Too Graphic That’s Still Too Graphic 10 20 30 40 50

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?

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.

Answer 1 – 30 What is go up?

Question 1 - 40 Elasticity of Demand measures this.

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

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

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

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

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

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

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

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

Answer 2 – 30 What is INCREASE SUPPLY at a given price?

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.

Answer 2 – 40 What is to MAXIMIZE PROFITS ?

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

Answer 2 – 50 What is a SHORTAGE ?

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

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

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

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

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

Answer 3 – 30 What is to the LEFT?

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

Answer 3 – 40 What is to the LEFT?

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

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

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

Answer 4 – 10 What is PRICE?

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

Answer 4 – 20 What is DEMAND?

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

Answer 4 – 30 What is QUANTITY?

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

Answer 4 – 40 What is EQUILIBRIUM?

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

Answer 4 – 50 What is ZERO?

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

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

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

Answer 5 – 20 What is PRICE RISES?

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

Answer 5 – 30 What is a MARKET DEMAND SCHEDULE?

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

Answer 5 – 40 What is a SURPLUS?

Question 5 - 50 A shortage is created when an outside force imposes this “roomy” term.

Answer 5 – 50 What is a PRICE CEILING?