Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Supply and Demand
| Question | Answer |
|---|---|
| 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_
Popular Business sets