Review of Supply & Demand and the Market
Upcoming SlideShare
Loading in...5
×
 

Review of Supply & Demand and the Market

on

  • 644 views

This

This

Statistics

Views

Total Views
644
Views on SlideShare
598
Embed Views
46

Actions

Likes
0
Downloads
8
Comments
0

2 Embeds 46

http://www.weebly.com 23
http://jpalmertreeteachup.weebly.com 23

Accessibility

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Review of Supply & Demand and the Market Review of Supply & Demand and the Market Presentation Transcript

  • What Does You Supply, I’ll Everyone Loves It’s Time for Big Brotherthat Graph Demand Vocabulary the Market! And Uncle SamSay? Say… 2 points 2 points 2 points 2 points 2 points 3 points 3 points 3 points 3 points 3 points 4 points 4 points 4 points 4 points 4 points 5 points 5 points 5 points 5 points 5 points 6 points 6 points 6 points 6 points 6 points 7 points 7 points 7 points 7 points 7 points 8 points 8 points 8 points 8 points 8 points 9 points 9 points 9 points 9 points 9 points Team 1 : Team 2 :
  • Reading Graphs: 2 Points Price per Slice (In Dollars)The Question Is : 3 2.5 2How many slices of 1.5pizza will Ashley 1 Stop!buy if the price is 0.5 0$2.50? 0 1 2 3 4 5 Time’s Up! Slices of Pizza per DayThe Answer Is :1
  • Reading Graphs: 3 PointsThe Question Is : 3 2.5 2At what price will 1.5 1Ashley demand 4 slices 0.5of pizza? Stop! 0 0 1 2 3 4 5 Slices of Pizza per Day Time’s Up!The Answer Is :$1.00
  • Reading Graphs: 4 PointsThe Question Is : Market Supply Curve 3.5If the market price 3 2.5is $1.50, how 2 Stop! Price 1.5many slices will be 1 0.5supplied by all Time’s Up!producers in the 0market? Slices of Pizza per DayThe Answer Is :2,000
  • Reading Graphs: 5 Points Individual Supply CurveThe Question Is : 3.5 3How many slices 2.5will one pizzeria be 2 Price Stop!willing to supply ata market price of 1.5 1$2.00 a slice?Time’s Up! 0.5 0 0 50 100 150 200 250 300 350 400 Slices of Pizza per DayThe Answer Is :250
  • Reading Graphs: 6 PointsThe Question Is : Market Supply Curve 3.5If the market is 3 2.5willing to supply 2 Price 1.54,000 slices ofpizza, what is theStop! 1 0.5 0 Time’s Up!market price of aslice of pizza? Slices of Pizza per DayThe Answer Is :$3.00
  • Reading Graphs: 7 PointsThe Question Is : Quantity Quantity Demanded Supplied 3The price of 2.5 Excess$1.00 would be 2 Supplya what? Stop!1.5 1 Supply Demand Excess Time’s Up!The Answer Is : 0.5 0 Demand 0 50 100 150 200 250 300 350A price ceiling Quantity Quantity Supplied Demanded
  • Reading Graphs: 8 Points Quantity Quantity Demanded SuppliedThe Question Is : 3 2.5 ExcessA price of $1.50 2 Supplywould be awhat? Stop! 1.5 1 Excess Supply Demand Time’s Up! 0.5 0 DemandThe Answer Is : 0 50 100 150 200 250 300 Quantity Quantity 350 Supplied DemandedThe Equilibriumprice
  • Reading Graphs: 9 PointsThe Question Is : Quantity Quantity Demanded Supplied 3At the 2.5 Excess Supplyequilibrium 2 Supplyprice, how manyStop!1.5 1 Demandslices of pizza Excess Time’s Up! 0.5 Demandwill be sold? 0 0 50 100 150 200 250 300 350 Quantity Quantity Supplied DemandedThe Answer Is :200
  • Supply & Demand: 2 PointsThe Question Is :A ________ good is a good that replacesanother demanded good. Stop!The Answer Time’s Up! Is :Substitute
  • Supply & Demand: 3 PointsThe Question Is :True or False: A complement good is a goodthat is never used with another good. Stop!The Answer Time’s Up! Is :False
  • Supply & Demand: 4 PointsThe Question Is :What is total revenue? Stop!The Answer Is : Time’scompany receives byThe amount of money a Up!selling goods or services
  • Supply & Demand: 5 PointsThe Question Is :True or False: Alex receives a raise at workand continues to work the same number of Stop!hours each week. His demand for $3 t-shirts, which he considers an inferior Time’s Up!good, will stay the same.The Answer Is :False, it will decrease
  • Supply & Demand: 6 PointsThe Question Is :When movie rentals were $2.95, Sara rented 12movies a month. The price increased by 50 cents Stop!and Sara decided to rent 2 less. When the priceincreased by another dollar, Sara decided to cut her Time’s Up!movie rental in half. What is her quantitydemanded by month at the current price?The Answer Is :5
  • Supply & Demand: 7 PointsThe Question Is :What is the elasticity of elastic demand? Stop! Time’s Up!The Answer Is :Demand with an elasticity less than 1
  • Supply & Demand: 8 PointsThe Question Is :Why do companies practice pricediscrimination?The Answer Is : Stop! Time’s Up!Price discrimination recognizes that groups ofconsumers are willing and able to pay differentamounts and maximizes profits by chargingeach group a different price.
  • Supply & Demand: 9 PointsThe Question Is :The price of a good is going up. Explain whatwill happen (in theory) to the quantity Stop!demanded and the quantity supplied. Time’s Up!The Answer Is :The quantity demanded will go down and thequantity supplied will go up
  • Key Terms: 2 PointsThe Question Is :What is “the method used by society to produceand distribute goods and services?” Stop!The Answer IsTime’s Up! :The economic system
  • Key Terms: 3 PointsThe Question Is :True or False: Self-interest means “one’s ownpersonal gain.” Stop!The Answer Is : Time’s Up!True
  • Key Terms: 4 PointsThe Question Is :__________ __________ is the “most desirablealternative given up when people choose one Stop!course of action over another.” Time’s Up!The Answer Is :Opportunity cost
  • Key Terms: 5 PointsThe Question Is :What is macroeconomics?The Answer Is : Stop! Time’s and decision makingThe study of the behavior Up!of entire economics
  • Key Terms: 6 PointsThe Question Is :What is the private sector? Stop!The Answer IsTime’s Up! :The part of the economy that involves thetransactions of individuals and businesses
  • Key Terms: 7 PointsThe Question Is :What is the law of supply? Stop!The Answer Is : Time’stoUp! more of a goodThe tendency of suppliers offerat a higher price
  • Key Terms: 8 PointsThe Question Is :What is the elasticity of supply?The Answer Is : Stop! Time’s Up!A measure of the way a quantity supplied reactsto a change in price
  • Key Terms: 9 PointsThe Question Is :What are in-kind benefits? Stop!The Answer Is : Time’s Up! governmentGoods and services provided by thefor free or at greatly reduced prices
  • Markets : 2 PointsThe Question Is :True or False: Self-interest is the motivating forcebehind the free market. Stop! Time’s Up!The Answer Is :True
  • Markets : 3 PointsThe Question Is :At the most _________ level of production, a firm’smarginal cost will be equal to the market price. Stop! Time’s Up!The Answer Is :Profitable
  • Markets : 4 PointsThe Question Is :In a _______ ________, prices lead to an efficientallocation of resources, which means that resources are Stop!used in the most valuable and productive wayaccording to the needs of consumers and producers. Time’s Up!The Answer Is :Free market
  • Markets : 5 PointsThe Question Is :In a perfectly competitive market, companies have_______ control over price. Stop!The Answer IsTime’s Up! :No
  • Markets : 6 PointsThe Question Is :What is a product market? Stop! Time’s Up!The Answer Is :A situation in which households purchase thegoods and services that firms produce
  • Markets : 7 PointsThe Question Is :The _______ and _________ of goods and servicestakes place in the product ________. Stop! Time’s Up!The Answer Is :Purchase, supply, market
  • Markets : 8 PointsThe Question Is :Rationing might lead to a _________ market. Stop!The Answer Is : Time’s Up!Black
  • Markets : 9 PointsThe Question Is :Why doesn’t a market economy ever exist in trueform? Stop! Time’s Up!The Answer Is :Because there are always some governmentregulations
  • Government Involvement: 2 PointsThe Question Is :True or False: Regulation of commerce issomething that the government provides as Stop!part of a safety net for the people. Time’s Up!The Answer Is :False, an example of this would beunemployment compensation
  • Government Involvement: 3 PointsThe Question Is :Why does the government protect inventors andauthors by offering them patents and copyrights? Stop!The Answer Is : Time’s Up!To promote innovation
  • Government Involvement: 4 PointsThe Question Is :Subsidies are an example of governmentinfluence on ________. Stop! Time’s Up!The Answer Is :Supply
  • Government Involvement: 5 PointsThe Question Is :True or False: Antitrust laws lead to monopolies.The Answer Is : Stop!False Time’s Up!
  • Government Involvement: 6 PointsThe Question Is :What is an excise tax?The Answer Is : Stop! Time’s Up!A payment to the government on the productionor sale of a good
  • Government Involvement: 7 PointsThe Question Is :What is a subsidy? Stop!The Answer Is : Time’s Up! a business orA government payment that supportsmarket
  • Government Involvement: 8 PointsThe Question Is :What is the name of the act that was passed in 1890to fight monopolies? Stop!The Answer Is : Time’s Up!Sherman Anti-trust act
  • Government Involvement: 9 PointsThe Question Is :What was the chief effect of the Sherman AntitrustAct? Stop!The Answer Is : Time’s Up! to preventThe federal government won the powermonopolies and mergers that interfered with tradebetween states