Describe how shortages affects businesses financially?

Shortages= producers raise their prices

When does the government intervene In price control?

When surpluses and shortages occur.

Describe what happens when a company has a surplus, how can it affect a company’s productivity?

When a company’s supply exceeds they get rid of products

Describe what happens when demand is affected by substitutes

More expensive brands will lose consumers

Define Equilibrium Point

Price at which consumers and producers agree

What factors can affect supply?

Prices of input, #of suppliers, taxes & technology

How do business create inelastic demands for their products

Celebrities/ Social Media influencers advertise

What is Elastic Demand?

When demand for a product is affected by price

What happens when the country hits price ceiling or price floor?

Government set a price ceiling mostly effect the rent

Would you recommend an employee to work in a place that has a shortage, what are the effects?

Would cuz the company will benefit. others wont get bonuses

What occurs when demand exceeds supply?

The price usually goes up, you have to pay more to get it.

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Supply and Demand

12 termsStudBud Administration21 plays

A #business quiz that identifies the concept of supply and demand to high schoolers

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Questions 12

Answers

1
Describe how shortages affects businesses financially?
Shortages= producers panic
Shortages= producers lower prices
Shortages= producers raise their prices
Shortages= producers produce more
2
When does the government intervene In price control?
When surpluses and shortages occur.
When they need more money for revenues
When they see that they are not benefiting
When the companies sell at high prices
3
Is the Supply how much Concumsra are willing & able to buy at a certain price?
True
False
4
Describe what happens when a company has a surplus, how can it affect a company’s productivity?
When a company has shortage,they sell products expensively
When a company losses money, they produce and sell rapidly
When a company has extra money,they produce in a slower pace
When a company’s supply exceeds they get rid of products
5
Describe what happens when demand is affected by substitutes
More expensive brands will lose consumers
Business will be shut down
Consumers will stop buying products
Cheaper brands will lose value
6
Define Equilibrium Point
Price at which consumers and producers agree
Demand of elastic goods changes as price changes of product
When the price is higher so the products are less
None of the above
7
What factors can affect supply?
Prices of input, #of suppliers, taxes & technology
Expansion, Recovery, Trough, Recession
surpluses, shortages, Government Intervention and Elasticity
Commond, Market, Mixed and traditional economy
8
How do business create inelastic demands for their products
Celebrities/ Social Media influencers advertise
None of the above
Sales/ Discounts
By not advertising
9
What is Elastic Demand?
When demand for a product is affected by price
Maximum price set by the government
How much consumers are willing & able to pay
Minimum price set by the government
10
What happens when the country hits price ceiling or price floor?
Government would lower wages
Government will increase taxes
Government won't do anything
Government set a price ceiling mostly effect the rent
11
Would you recommend an employee to work in a place that has a shortage, what are the effects?
Would cuz the company will benefit. others wont get bonuses
Wouldn’t,the company is suffering. Other s are not affected.
Wouldn't cuz the company won't benefit, others will be fine
Would cuz the company needs them. others will get bonuses
12
What occurs when demand exceeds supply?
Prices are not affected
none of the above
The prices are very low, you van get what you want
The price usually goes up, you have to pay more to get it.

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