1. Demand, Supply, Equilibrium
Created by Educational Technology Network

2. Command
Demand
Supply
Equilibrium
Perfect Competition 10 20 30 40 50

3. Question
In a centrally-planned economy, this answers the three economic questions.

4. Answer 1 – 10
What is the government?

5. Question
Social and political philosophy based on belief that democratic means should be used to distribute wealth evenly throughout a society.

6. Answer 1 – 20 What is socialism?
Bonus 10: What is the difference between communism and socialism?

7. Question
The author of The Communist Manifesto, this economist is considered the father of communism.

8. Answer 1 – 30
Who is Karl Marx?

9. Question
This advantage of centrally-planned economies allows them to focus all of their production on one particular industry as necessary.

10. Answer 1 – 40 What is the concentration of production?
Bonus 10: This has also occurred in U.S. History. Give the example in class we used to demonstrate this.

11. Question
This is the primary disadvantage of command economies.

12. Answer 1 – 50 What is concentration of production?
Bonus -20 to group of your choice: What example did we use in class to demonstrate this weakness?

13. Question
The law of demand.

14. Answer 2 – 10 What is as price increases, quantity demanded decreases?
What is as price decreases, quantity demanded increases?

15. Question
“Where income stays the same, prices increase” describes this effect.

16. Answer 2 – 20 What is the income effect?
Bonus 10: What does the income effect do in terms of your ability to purchase goods?
1 million points because I feel like it.

17. Question
“When a good becomes too expensive, the consumer will choose an alternative” describes this effect.

18. Answer 2 – 30 What is the substitution effect?
Bonus 10: Give an example.

19. Question
Using the demand curve on the board, if it turns out that people start to hate Justin Bieber, we can expect the entire demand curve to shift...

20. Answer 2 – 40
What is left?
Bonus 10: Name the cause of this change in demand.
Bonus 10: Name another cause of change in demand.

21. Question
Using the graph on the board, if you were to get a raise at work, your demand for normal goods would cause the entire demand curve to shift...

22. Answer 2 – 50 What is right? Bonus 10: What is a normal good?
Bonus 10: What is an inferior good?

23. Question
The law of supply.

24. Answer 3 – 10
What is as price increases, the quantity supplied increases.
What is as price decreases, the quantity supplied decreases.

25. Question
Oil is used to make plastics. The price of oil increases. We can expect that the cost of producing plastics would _____ and shift the supply curve ____.

26. Answer 3 – 20 What is increase, and what is shift left?
Bonus 10: Name this change in supply.

27. Question
Businesses see a particular industry making a profit and decide to enter the market. Supply would _____.

28. Answer 3 – 30
What is increase?
Bonus 10: Name this change in supply.

29. Question
The federal government places a tariff on Dutch chocolate. Supply of Dutch chocolate would ____ and cause the supply curve to shift ____.

30. Answer 3 – 40
What is decrease, and shift left?

31. Question
A new technology makes iPhones cheaper to make. This would cause supply to _____.

32. Answer 3 – 50
What is increase?

33. Question
The point at which quantity demanded and quantity supplied come together.

34. Answer 4 – 10
What is equilibrium?

35. Question
In the equilibrium graph on the board, what does line A represent?

36. Answer 4 – 20 What is a price ceiling?
Bonus 10: What do price ceilings cause?
Bonus 10: How do we solve what price ceilings cause?
Bonus 10: Give an example of a price ceiling.

37. Question
In the equilibrium graph on the board, what does line B represent?

38. Answer 4 – 30 What is a price floor?
Bonus 10: What do price floors cause?
Bonus 10: How do we solve what price floors cause?
Bonus 10: Give an example of a price floor.

39. Question
According to this graph, this is the price per labor given 4 million workers.

40. Answer 4 – 40 What is $4.50 per hour?
Bonus 10: How are the wages of workers found generally according to this graph?

41. Question
According to this graph, this happened to equilibrium when supply decreased. Think price and quantity.

42. Answer 4 – 50
What is price increased and quantity decreased?

43. Question
Perfect competition has ____ of competitors.

44. Answer 5 – 10
What is lots?

45. Question
Perfect competition has identical products, true or false.

46. Answer 5 – 20
What is true?
Bonus 10: What is the name for a product that is the same regardless of who sells it or where it is sold?

47. Question
Perfect competition is difficult to enter into, true or false?

48. Answer 5 – 30
What is false?

49. Question
Producers in perfect competition have lots of control over price, true or false.

50. Answer 5 – 40
What is false?
Bonus 10: Why do perfect competitors have no control over price?

51. Question
A market structure in which a large number of firms all produce the same product.

52. Answer 5 – 50
What is perfect competition?