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Supply and Demand

QuestionAnswer
What is the definition of demand? The quantity of good that is desired by buyers.
What is supply? The total quantity of a good/service that the marketplace can offer.
Define equilibrium price: When suppliers are selling all the goods they have produced and consumers are getting all the goods they are demanding.
Define ceteris paribus: A state where no assumptions are made and all other factors remain constant.
If a goods price is higher, what happens to demand? It lowers.
If prices rise for a given product or service rises, what happens to supply? It increases.
Which change will lead to a movement along the demand curve rather than a shift? Change in price.
What is an example of a factor that shifts demand? Change in price of SUBSTITUTE good.
What is an example of a factor that shifts supply? Change in regulations like taxes and subsidies.
Example- if prices at KFC rose, what would happen to McDonalds? (Shift of what and where?) DEMAND will shift to the RIGHT
Example- Weather is warmer, what will happen to the sale of fur coats? (Shift of what and which direction?) DEMAND will shift to the LEFT
Example- new import tax added to EU products, what will happen to Lidl products? (Shift of what and which direction?) Supply will shift to the LEFT
Example- Nissan purchase new technology to create cars, what will happen to supply and demand? (Shift of what and which direction?) Supply will shift to the RIGHT
Advertising is a factor that causes ____ to shift. (demand or supply) Demand
Change in resources is a factor that cause ____ to shift. (Demand or Supply) Supply.
Which of the following is NOT a factor of production: capital, price of product, enterprise, land, or labour? Price of product
If demand shifts to the right and supply remains constant, what will happen to price of product and quantity? Both increase.
If supply shifts to the left and demand remains constant, what would happen to price of product and quantity? Price increases and quantity decreases.
If supply shifts to the right and demand remains constant, what would happen to price of product and quantity? Price decreases and quantity increases.
Created by: janelindsay_
 

 



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