Transcript Jeopardy - lc

Jeopardy
Terms
Demand
Supply
Price
S&D
Q $100
Q $100
Q $100
Q $100
Q $100
Q $200
Q $200
Q $200
Q $200
Q $200
Q $300
Q $300
Q $300
Q $300
Q $300
Q $400
Q $400
Q $400
Q $400
Q $400
Q $500
Q $500
Q $500
Q $500
Q $500
Final Jeopardy
$100 Question from Terms
The price where Supply
And Demand meet?
$100 Answer from Terms
Equilibrium Price
$200 Question from Terms
If the price of a product is $30
And at $30 the QS is 10
And at $30 the QD is 40
What is there at $30
$200 Answer from Terms
A shortage
((Which would then raise up prices
Prices too low lead to shortages
And cause prices to go back up to
Equilibrium
$300 Question from Terms
McDonalds and Burger King
would be Great examples of
what term?
$300 Answer from Terms
Substitutes
$400 Question from Terms
What term means you would
Like that first piece of better than
The second, then the third, and that
By the end (10th) slice you might
Be going BLEH sick of pizza
$400 Answer from Terms
Diminishing Marginal Utility
$500 Question from Terms
What term would deal with behavior & decisions
Made by INDIVIDUAL units
Hint: _____ (word from science meaning small)
+
_____ (word meaning study of choices)
$500 Answer from Terms
MICRO ECONOMICS
$100 Question from Demand
As price of a product increases
Quantity Demanded of that product?
$100 Answer from Demand
QD decreases
((Price and Quantity Demanded
On shaker products are opposite))
$200 Question from Demand
What is the QD at a
Price of $12?
$200 Answer from Demand
At $12
800 DVDs
$300 Question from Demand
Which of these
Lines would be:
Original Demand
“Less” Demand
“More” Demand
Price
D2
D3
Quantity
D1
$300 Answer from Demand
Original Demand = D1
“Less” Demand = D3
“More” Demand = D2
Price
D2
D3
Quantity
D1
$400 Question from Demand
Which of the following is a change in Qd (Shaker)
The price of peanut butter goes down, so now you buy peanut butter?
Lady Gaga wears a white dress, so now you buy the same white dress?
The price of MCD hamburgers goes up, so you buy less MCD fries?
$400 Answer from Demand
The peanut butter example
“If it mentions price, and same product twice
Is shakes like scared little mice”
The other 2 examples were a change in whole
Demand line. (Shifters)
$500 Question from Demand
Name at least 3 of the 5 Factors
That can shift the whole demand
curve
$500 Answer from Demand
Consumer Income
Consumer Tastes / Preferences
Subtitutes
Compliments
Expectations
$100 Question from Supply
As price of a product increases
Quantity Supplied of that product?
$100 Answer from Supply
As Price Inc Quantity Supplied INC
Not saying anyone will “buy” it.
But people will become more willing to “sell”
At $50, I’d be willing to supply my time to cut
My neighbors yard ((course he wouldn’t demand/buy
It at that price))
$200 Question from Supply
What is the QS
Of DVDs at
$18 ?
$200 Answer from Supply
At $18
QS = 1000
((Notice:
( as P up = QS up
P down = QD down
$300 Question from Supply
Which of these
Lines would be:
Original Supply
“More” Supply
“Less” Supply
S3
S1
Price
S2
Quantity
$300 Answer from Supply
Original Supply = S1
“More” Supply = S2
“Less” Supply = S3
S3
S1
Price
S2
Left = Less Right = More
Quantity
$400 Question from Supply
Which of the following products is a change in Supply
(Shifter)
The Government lowers taxes on cigarettes, effecting supply of cigarettes?
A drought causes a peanut shortage, what happens to supply of peanuts?
The price of Iphone4S goes up, what happens to supply of Iphone4S?
$400 Answer from Supply
Which of the following products is a change in Supply
(Shifter)
Both the cigarette problem AND peanut problem is a shifter
“If it mentions price, and same product twice
Is shakes like scared little mice”
The other examples was a change in quantity supplied (shaker)
$500 Question from Supply
Name at least 4 of the 7 Factors
That can shift the whole supply
curve
$500 Answer from Supply
Cost of Resources
Productivity
Producing Technology
Taxes/Subsides
Expectations
Government Regulations
Number of Sellers
$100 Question from Price
What determines the price (value of
A product?)
$100 Answer from Price
Supply And Demand
((Which in a Market Economy
Just run’s itself. It happens naturally
Like it did with our sheep game))
$200 Question from Price
Who has the advantage in the price system
The Consumer, the Producer, or the Government?
$200 Answer from Price
Trick Answer: No one.
The system doesn’t favor
The consumer (demand)
The producer (supply)
The government (which isnt normally
Involved)
$300 Question from Price
How can you tell on GRAPH
And on a T-Table what the Equilibrium
Price is.
Demand AND Supply
Price
Quantity Demanded
Quantity Supplied
$5
30
5
$10
28
8
$15
26
11
$20
24
14
$25
22
17
$30
20
20
$35
18
23
$40
16
26
$45
14
29
$50
12
32
$300 Answer from Price
On a graph: its where X marks the spot
where S & D cross
On a table: it’s the price where the QS = QD
(($30 on table. QD = QS = 20))
Demand AND Supply
Price
Quantity Demanded
Quantity Supplied
$5
30
5
$10
28
8
$15
26
11
$20
24
14
$25
22
17
$30
20
20
$35
18
23
$40
16
26
$45
14
29
$50
12
32
$400 Question from Price
The government can interfere with
Normal Supply and Demand by setting
A price floor. Define & give an example
Of a price floor
((hint: this is a little socialist / command based)
$400 Answer from Price
Price Floor = Minimum price by law
Example: Minimum Wage
$500 Question from Price
If there is a surplus in the market
What is going to happen to price?
$500 Answer from HPrice
Surplus (Qs>QD) causes prices
To go back down toward
equilibrium
$100 Question from Supply &
Demand
Pick Answer
“More Demand” “Less Demand”
“More Supply” “Less Supply”
The government puts a new quota
On Toyota (Japense) cars. What happens
To cars? (pick 1)
$100 Answer from Supply &
Demand
Pick Answer
“More Demand” “Less Demand”
“More Supply” “Less Supply”
Quota = Effect Supply
New/Worse Quota = “Less Supply”
$200 Question from Supply &
Demand
Pick Answer
“More Demand” “Less Demand”
“More Supply” “Less Supply”
Ashton Kutcher uses Cool-pix Cameras
$200 Answer from Supply &
Demand
Ashton Kutcher is attempting
To influence demand (buying) of cameras
He’s popular so there would be
“More Demand”
$300 Question from Supply &
Demand
Pick Answer
“More Demand” “Less Demand”
“More Supply” “Less Supply”
The Lions go back to being
A complete loser of a team
1-15 type.
$300 Answer from Supply &
Demand
Lion’s quality would effect
Demand for their tickets/products
A bad team = less demand
$400 Question from Supply &
Demand
2.50
S1
2.25
2.00
S2
1.75
PRICE
1.50
1.00
.50
0 0
D1
10
20
30
40
50
60
QUANTITY
70
80
90
100
Pick Answer
“More Demand”
“Less Demand”
“More Supply”
“Less Supply”
What is this graph showing ?
$400 Answer from Supply &
Demand
2.50
S1
2.25
2.00
S2
1.75
PRICE
1.50
1.00
.50
0 0
D1
10
20
30
40
50
60
QUANTITY
70
More Supply.
80
90
100
Pick Answer
“More Demand”
“Less Demand”
“More Supply”
“Less Supply”
$500 Question from H5
Pick Answer
“More Demand” “Less Demand”
“More Supply” “Less Supply”
Which TWO of these can cause price
To go up?
$500 Answer from Supply &
Demand
Prices up = “More Demand”
AND
“Less Supply”
((So goes way up if both))
1000 Point Final Jeopardy
In what TWO ways does Supply
and Demand Effect your life and choices?
1000 pt Final Jeopardy
Answer
Price you pay for stuff
(Buying)
Price you get for stuff/job
(Selling your job)
AKA Income!