2. Jeopardy TermsDemandSupplyPrice S & D Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy

3. $100 Question from Terms The price where Supply And Demand meet?

4. $100 Answer from Terms Equilibrium Price

5. $200 Question from Terms If the price of a product is $30 And at $30 the QS is 10 And at $30 the QD is 40 What is there at $30

6. $200 Answer from Terms A shortage ((Which would then raise up prices Prices too low lead to shortages And cause prices to go back up to Equilibrium

7. $300 Question from Terms McDonalds and Burger King would be Great examples of what term?

8. $300 Answer from Terms Substitutes

9. $400 Question from Terms What term means you would Like that first piece of better than The second, then the third, and that By the end (10 th ) slice you might Be going BLEH sick of pizza

10. $400 Answer from Terms Diminishing Marginal Utility

11. $500 Question from Terms What term would deal with behavior & decisions Made by INDIVIDUAL units Hint: _____ (word from science meaning small) + _____ (word meaning study of choices)

12. $500 Answer from Terms MICRO ECONOMICS

13. $100 Question from Demand As price of a product increases Quantity Demanded of that product?

14. $100 Answer from Demand QD decreases ((Price and Quantity Demanded On shaker products are opposite))

15. $200 Question from Demand What is the QD at a Price of $12?

16. $200 Answer from Demand At $12 800 DVDs

17. $300 Question from Demand Price Quantity D1 D3 D2 Which of these Lines would be: Original Demand “Less” Demand “More” Demand

18. $300 Answer from Demand Price Quantity D1 D3 D2 Original Demand = D1 “Less” Demand = D3 “More” Demand = D2

19. $400 Question from Demand Which of the following is a change in Qd (Shaker) The price of peanut butter goes down, so now you buy peanut butter? Lady Gaga wears a white dress, so now you buy the same white dress? The price of MCD hamburgers goes up, so you buy less MCD fries?

20. $400 Answer from Demand The peanut butter example “If it mentions price, and same product twice Is shakes like scared little mice” The other 2 examples were a change in whole Demand line. (Shifters)

21. $500 Question from Demand Name at least 3 of the 5 Factors That can shift the whole demand curve

22. $500 Answer from Demand Consumer Income Consumer Tastes / Preferences Subtitutes Compliments Expectations

23. $100 Question from Supply As price of a product increases Quantity Supplied of that product?

24. $100 Answer from Supply As Price Inc Quantity Supplied INC Not saying anyone will “buy” it. But people will become more willing to “sell” At $50, I’d be willing to supply my time to cut My neighbors yard ((course he wouldn’t demand/buy It at that price))

25. $200 Question from Supply What is the QS Of DVDs at $18 ?

26. $200 Answer from Supply At $18 QS = 1000 ((Notice: ( as P up = QS up P down = QD down

27. $300 Question from Supply Which of these Lines would be: Original Supply “More” Supply “Less” Supply Price Quantity S1 S2 S3

28. $300 Answer from Supply Price Quantity S1 S2 S3 Original Supply = S1 “More” Supply = S2 “Less” Supply = S3 Left = Less Right = More

29. $400 Question from Supply Which of the following products is a change in Supply (Shifter) The Government lowers taxes on cigarettes, effecting supply of cigarettes? A drought causes a peanut shortage, what happens to supply of peanuts? The price of Iphone4S goes up, what happens to supply of Iphone4S?

30. $400 Answer from Supply Which of the following products is a change in Supply (Shifter) Both the cigarette problem AND peanut problem is a shifter “If it mentions price, and same product twice Is shakes like scared little mice” The other examples was a change in quantity supplied (shaker)

31. $500 Question from Supply Name at least 4 of the 7 Factors That can shift the whole supply curve

32. $500 Answer from Supply Cost of Resources Productivity Producing Technology Taxes/Subsides Expectations Government Regulations Number of Sellers

33. $100 Question from Price What determines the price (value of A product?)

34. $100 Answer from Price Supply And Demand ((Which in a Market Economy Just run’s itself. It happens naturally Like it did with our sheep game))

35. $200 Question from Price Who has the advantage in the price system The Consumer, the Producer, or the Government?

36. $200 Answer from Price Trick Answer: No one. The system doesn’t favor The consumer (demand) The producer (supply) The government (which isnt normally Involved)

37. $300 Question from Price How can you tell on GRAPH And on a T-Table what the Equilibrium Price is. Demand AND Supply Price Quantity Demanded Quantity Supplied $5305 $10288 $152611 $202414 $252217 $302020 $351823 $401626 $451429 $501232

38. $300 Answer from Price On a graph: its where X marks the spot where S & D cross On a table: it’s the price where the QS = QD (($30 on table. QD = QS = 20)) Demand AND Supply Price Quantity Demanded Quantity Supplied $5305 $10288 $152611 $202414 $252217 $302020 $351823 $401626 $451429 $501232

39. $400 Question from Price The government can interfere with Normal Supply and Demand by setting A price floor. Define & give an example Of a price floor ((hint: this is a little socialist / command based)

40. $400 Answer from Price Price Floor = Minimum price by law Example: Minimum Wage

41. $500 Question from Price If there is a surplus in the market What is going to happen to price?

42. $500 Answer from HPrice Surplus (Qs>QD) causes prices To go back down toward equilibrium

43. $100 Question from Supply & Demand Pick Answer “More Demand” “Less Demand” “More Supply” “Less Supply” The government puts a new quota On Toyota (Japense) cars. What happens To cars? (pick 1)

44. $100 Answer from Supply & Demand Quota = Effect Supply New/Worse Quota = “Less Supply” Pick Answer “More Demand” “Less Demand” “More Supply” “Less Supply”

45. $200 Question from Supply & Demand Ashton Kutcher uses Cool-pix Cameras Pick Answer “More Demand” “Less Demand” “More Supply” “Less Supply”

46. $200 Answer from Supply & Demand Ashton Kutcher is attempting To influence demand (buying) of cameras He’s popular so there would be “More Demand”

47. $300 Question from Supply & Demand The Lions go back to being A complete loser of a team 1-15 type. Pick Answer “More Demand” “Less Demand” “More Supply” “Less Supply”

48. $300 Answer from Supply & Demand Lion’s quality would effect Demand for their tickets/products A bad team = less demand

49. $400 Question from Supply & Demand What is this graph showing ? Pick Answer “More Demand” “Less Demand” “More Supply” “Less Supply” PRICE QUANTITY S1 D1 2.50 2.25 2.00 1.75 1.50 1.00.50 0 0 10 20 30 40 50 60 70 80 90 100 S2

50. $400 Answer from Supply & Demand More Supply. Pick Answer “More Demand” “Less Demand” “More Supply” “Less Supply” PRICE QUANTITY S1 D1 2.50 2.25 2.00 1.75 1.50 1.00.50 0 0 10 20 30 40 50 60 70 80 90 100 S2

51. $500 Question from H5 Pick Answer “More Demand” “Less Demand” “More Supply” “Less Supply” Which TWO of these can cause price To go up?

52. $500 Answer from Supply & Demand Prices up = “More Demand” AND “Less Supply” ((So goes way up if both))

53. 1000 Point Final Jeopardy In what TWO ways does Supply and Demand Effect your life and choices?

54. 1000 pt Final Jeopardy Answer Price you pay for stuff (Buying) Price you get for stuff/job (Selling your job) AKA Income!