1. Welcome to... A Game of X’s and O’s

2. Another Presentation © 2000 - All rights Reserved markedamon@hotmail.com

3. 789 456 123

4. 789 456 123 Scoreboard X O Click Here if X Wins Click Here if O Wins

5. 1 What is the law of demand?

6. 1 As price goes up, demand goes down Home

7. 2 List an advantage of a partnership

8. 2 Easier to get financial capital, shared responsibility, ease of start-up, better workers

9. 3 Why does government regulation cause prices to increase?

10. 3 Cost of production increases, supply decrease, so price increases

11. 4 What does IRDL mean?

12. 4 Increase Right Decrease Left

13. 5 What is the minimum price above equilibrium? Give an example.

14. 5 Price floor. Ex: minimum wage

15. 6 In which market structure does a firm have least control over price?

16. 6 Pure competition

17. 7 The idea that producers make what consumers want to buy is a principle of what economic system?

18. 7 Capitalist

19. 8 What are the 5 factors that shift supply?

20. 8 Future price, cost of production, number of firms, technology, government

21. 9 When is demand for an item inelastic? Give an example.

22. 9 When the change in price does not affect our demand. Ex. Gasoline