Macroeconomics Supply And Demand Ch 1 Jeopardy Template

Terms	Graphs	Scenarios
100 Supply The amount that firms will produce and offer for sale under certain conditions during a specified time period	100 Identify the supply and demand graphs:	100 shifts to left If someone's income increases, what would be the impact on the demand for an inferior good?
200 Law of Demand When the price of a good goes up, people buy less of it, other things being equal. When the price of a good goes down, people buy more of it, other things being equal. (3 words)	200 What price is the equilibrium point at?	200 the demand for pens shifts right Assuming pencils and pens are substitutes. What would happen to the demand for pencils if the price of pens increases?
300 Normal Goods Goods for which the demand rises when consumer income rises are called:	300 shortage of 2000 Is there a surplus or a shortage at $20? How large is it?	300 - Demand curve would shift to the right - Because these two goods are consumed together, the decrease in the price of one will lead to increased demand for the other Assuming lettuce and tomatoes are complements of one another, how and why would a decrease in the price of lettuce impact the demand curve of tomatoes?
400 Subsidy Money granted by the government to assist an industry so that the price of a commodity may remain low.	400 - income - tastes and preferences - prices of related goods: complements/substitutes - Expectations - Market size What causes demand to move from d1 to d2?	400 Increase Quantity Supplied What impact would an increase of the price of tomatoes have on a supply graph?
500 - income - tastes and preferences - prices of related goods: complements/substitutes - Expectations - Market size Name a determinant of demand	500 ex. # of suppliers increases; demand increases because incomes increased. The effect of the increased incomes affected the market more than the new suppliers. What event(s) would cause this shift in demand and supply?	500 can create a shortage What would be the impact of a per unit subsidy be on both the supply and demand graph?

Macroeconomics: Supply and Demand (Ch. 3)

Press F11 for full screen mode