Transcript No Slide Title - Ms. Nancy Ware`s Economics Classes

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Final Jeopardy
Demand &
Supply
Equilibrium
Price
Controls
Prices
& Profits
Money
Mix It Up
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You want it AND
have the $$$ to
buy
What is demand
This trendy reason
is a big one that will
cause a demand
curve to shift left
OR right, & it’s one
after the other
What is consumer
tastes &
advertising
All the products
available for
purchase in an
economy
What is supply
The test for elastic
supply is this; I
never have enough
What is TIME
Elastic Demand
means consumers
are very sensitive
to this
What is price
The # 1 function of
money
What is medium of
exchange
In shopping for a
new car, you
compare prices &
engage in this
function of money
What is unit of
account
This makes the
Diagram of
Economic
Interdependence go
‘round; not love 
What is Money
The most
important
characteristic of
money
What is acceptable
Money
characteristic you
can take with you
What is portability
This is where the
market likes to be
What is
equilibrium
This is where
consumers will buy
at the price
producers are will to
produce; Qd = Qs
What is
equilibrium
Another name for
market clearing
price
What is
equilibrium
A “jump” in the
market will cause a
shift in this
What is equilibrium
Equilibrium is
found where these 2
curves cross on a
graph
What is demand
and supply
This price control
causes a shortage; I
can’t find a
stinking apartment
What is a price
ceiling or rent
control
This price control
sets the price below
equilibrium;
everyone can
afford it
What is a price
ceiling
This price control
causes a surplus
and drives up the
price
unnecessarily
What is a price
floor
This price control set
by the government
says you cannot be
paid less than $7.25
an hour
What is minimum
wage
This price control
says you will not pay
more than a certain
amount for an
apartment in NYC
What is rent
control
You silently
negotiate price by
doing this
What is by buying
or not buying a
product
This is the thing
that affects
consumer and
producer behavior
the most
What is price
With an
inelastically
demanded product,
revenue will do this
if price increases
What is increase
With an elastically
demanded product,
revenue will do this
if price goes up
What is decrease
This is the sole
incentive for a
business to exist
What is profit
motive
The French phrase
that describes the
government’s
involvement in a
mixed economy
What is Laissez
Faire
This market
structure sells
products that are
similar but not
identical
What is
monopolistically
competitive
This business
organization has
only one receiver
of profit
What is a sole
proprieter
This market
structure is a
monopoly the
government WILL
allow
What is a natural
monopoly
This market
structure has only a
few businesses
producing 70-80%
of the products
What is a oligopoly
Make your wager
A new research study finds that drinking
coffee can reduce the risk of colon
cancer by 40% in some people.
a. Identify the shifter in the market.
b. What curve does this study force to
shift (jump)?
c. Draw a correctly labeled graph that
illustrates how this study changes the
competitive model for price and quantity
for coffee.
A: Consumer tastes
B: Demand Curve
Price of
Coffee Beans
per pound
P2
2.00
S
1.75
E2
1.50
1.25
P1
E1
1.00
.75
D2
.50
D1
7
9
11
13
15
17
Quantity of Coffee Beans
(billions of pounds)