1. Economics
Created by Educational Technology Network

2. Supply and Demand 200 400 600 800 1000 Changes in Equilibrium Prices
Combining Supply and Demand
Changes in Equilibrium
Prices
Supply and Demand
200
400
600
800
1000

3. Question
The point at which quantity demanded and quantity supplied are equal.

4. Answer 1 – 200
What is equilibrium?

5. Question 1 - 400 Describes any price or quantity not at equilibrium.
When quantity supplied is not equal to quantity demanded in a market.

6. Answer 1 – 400
What is disequilibrium.

7. Question
What are the two situations of disequilibrium?

8. Answer 1 – 600 What are Excess demand or shortage.
Excess supply or surplus

9. Question
When quantity demanded is more than quantity supplied.

10. Answer 1 – 800
What is excess demand?

11. Question
Spice Pumpkin Latte Supply and Demand. At what point is equilibrium achieved. # and $

12. Answer 1 – 1000
What is 1200 supplied and demanded at $4.00

13. Question
A situation in which quantity supplied is greater than quantity demanded.
Also known as excess supply
Bad for businesses

14. Answer 2 – 200
What is surplus?

15. Question
Situation in which quantity demanded is greater than quantity supplied.
Also known as excess demand
Bad for consumers

16. Answer 2 – 400
What is shortage?

17. Question
The financial and opportunity costs consumers pay when searching for a good or service.

18. Answer 2 – 600
What are search costs?

19. Question 2 - 800 This thing causes a sudden increase in market demand.
It will cause a demand curve to shift to the right.
They come and go and no one knows how long they will last.

20. Answer 2 – 800
What is a fad?

21. Question
The fall of these two things will cause a market to fluctuate.
It will cause the equilibrium price to shift and a new one be established.

22. Answer 2 – 1000
What are supply and a demand?

23. Question
A sudden shortage of a good.

24. Answer 3 – 200
What is supply shock?

25. Question
A system of allocating scarce goods and services suing criteria other than price

26. Answer 3 – 400
What is rationing?

27. Question
A market in which goods are sold illegally.

28. Answer 3 – 600
What is a black market?

29. Question
Costs of production that affect people who have no control over how much of a good is produced?

30. Answer 3 – 800
What is spill over costs?

31. Question
These are the four advantages of a price based system.

32. Answer 3 – 1000 1. Prices as an Incentive 2. Signals 3. Flexibility
4. Price System is "Free"

33. Question
When quantity supplied is more than quantity demanded

34. Answer 4 – 200
What is excess supply?

35. Question
A maximum price that can be legally charged for a good or service

36. Answer 4 – 400
What is a price ceiling?

37. Question
A minimum price for a good or service.

38. Answer 4 – 600
What is a price floor?

39. Question
A minimum price that an employer can pay a worker for an hour of labor.

40. Answer 4 – 800
What is minimum wage?

41. Question
The multiple interactions between buyers and sellers will do what to a market in disequilibrium every time there is disequilibrium?

42. Answer 4 – 1000
What is always push the market to a state of equilibrium and make a new equilibrium point.

43. Final Jeopardy
Describe the role prices play in a free market.

44. Final Jeopardy
Prices help move land, labor, and capital into the hands of producers, and finished goods in to the hands of buyers.
Prices create efficient resource allocation for producers and a language that both consumers and producers can use.