Supply and Demand
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| The total amounts or quantities of something | Aggregate
🗑
|
||||
| The study of the behavior of human beings in producing, distributing, and consuming material goods and services in a world of scarce resources | Economics
🗑
|
||||
| A situation in which the ingredients for producing the things that people desire are insufficient to satisfy all wants | Scarcity
🗑
|
||||
| How much of something will be gained or lost by adding or subtracting one unit of whatever you're measuring | Marginal
🗑
|
||||
| The overall top-down view of the economy, focused on issues like unemployment, inflation, economic growth, and the balance of trade | Macroeconomics
🗑
|
||||
| The study of how individual households and firms make decisions in markets | Microeconomics
🗑
|
||||
| The more there is of a product, the less people are willing to pay for it; the less there is of something, the more people are willing to pay for it | Law of Demand
🗑
|
||||
| The amount of items that will be bought at a particular price | Quantity demanded
🗑
|
||||
| The point where quantity demanded is equal to quantity supplied | Equilibrium
🗑
|
||||
| When there is a large consumer response to a price change | Elasticity
🗑
|
||||
| Demand for a certain item can be increased or decreased by a change in price. The more flexible you are, you will end up paying less for an item; if you are inflexible, you will end up paying more | The Law of Elasticity
🗑
|
||||
| When there is a small consumer response to a price change | Inelastic
🗑
|
||||
| A situation in which the ingredients for producing the things that people desire ar insufficient to satisfy all wants | Scarcity
🗑
|
||||
| The people are willing to pay for something, the more producers are going to try to produce; the less people are willing to pay for something, the less producers are going to try to produce | The Law of Supply
🗑
|
||||
| When a good can be used in place of another one, for example, coffee and tea. The more you buy of one, the lss you buy of the other | Substitute goods
🗑
|
||||
| When two goods are used together or consumption or enjoyment, for example, coffee and cream. The more you buy of one, the more you buy of the other | Complementary goods
🗑
|
||||
| The responsiveness of the quantity supplied of a commodity to a change in its price | Price elasticity of supply
🗑
|
||||
| A legal minimum price below which a good or service may not be sold | Price floor
🗑
|
||||
| A situation in which quantity demanded is greater than quantity | Shortage
🗑
|
||||
| A legal maximum price that may be charged for a particular good or service | Price ceiling
🗑
|
||||
| A situation in which quantity supplied is greater than quantity demanded | Surplus
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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
Created by:
betsynewmark