Supply/Demand Quiz Word Scramble
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| Term | Definition |
| Availability of Substitutes | Can you substitute the goods with something else? |
| Relative Importance | How much of your budget is spent on the goods. A price increase may force you to make a choice. |
| Necessities vs. Luxuries | You always buy a necessity even if price increases. If price of a luxury item increases, demand may go down. Example (yesterday's luxury becoming today's necessity) |
| Demand is affected by.... | more than just price. |
| Some factors..... | lead to an increase or decrease in demand at every price along the curve. |
| A change in demand is referred to as... | a shift in the demand curve. |
| A shift to the right (on the demand curve) means... | increase in the demand |
| A shift to the left (on the demand curve) means... | decrease in demand |
| A shift can be caused by income when.... | you purchase more of certain goods when your income increases. |
| A shift can be caused by population when... | if population increases, demand for certain products increases (ex. population increases demand for home increase) |
| A shift can be caused by consumer expectation when.... | current demand for good is related to its expected future prices (if you expect the price to go up in the future, current demand goes up ) |
| A shift can be caused by advertising because.... | ads influence consumers to purchase more products. |
| A shift can be caused by the price of related goods when... | Also known as substitutes = goods in place of one another (margin instead of butter) |
| A shift can be caused by the consumer tastes and fads.... | (ex. bell-bottom jeans) |
| A shift can be caused by consumer incentives because.... | financing increases demand (example...0% financing) |
| Elastic Demand | Demand IS affected by a change in price (ex. pizza, movie tickets, gasoline). |
| Inelastic Demand | Demand is NOT affected by a change in price (ex. you have to take the medication so you will buy it no matter how expensive). |
| Characteristics of Traditional Economics rely on... | custom and ritual to answer the 3 key economic questions. |
| Economy revolves around the.... | family |
| Work is divided along.... | gender lines |
| Agriculture and hunting are.... | central parts of people's lives. |
Created by:
gmatise
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