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Demand and Supply everything Flashcards | StudBud
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Demand and Supply everything
Demand and Supply everything
29 terms
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StudBud Administration
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369 plays
eco demand and supply
Flashcards
29 cards
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Questions
29
Answers
1
Fall in price of a good or service leads to an increase in ____________________ ( cp/vv)
quantity
quantity demanded
demand
qunatity demand
2
What is a substitute for beef?
lamb
beans
bread rolls
mustard
3
What description best fits the graph below for choc Bars
cost of cocoa inc
tax on chocolate
tsunami destroys factory
inc in price
4
What term could describe the cartoon below?
quota
tariff
subsidy
taxes
5
What happens to demand for popcorn following an intense advertising campaign?
QD increases
shift to the right
shift to the left
supply increases
6
Why can't people have everything they want?
not enough $$
limited resources
no time
no skills
7
What happens to supply of T-shirts when price of board shorts increases?
quantity increasesd
increases
shift left
QS increases
8
What is the term - means all other factors being equal/held constant
paribus ceteris
ceters parbus
ceter paribs
ceteris paribus
9
What is the prime motivator for a producer to increase supply as price increases?
income
profit
money
price
10
What is the key economic problem facing everyone?
money
lack of skills
scarcity
lack of time
11
What shifts a supply curve ?
change in S
change in QS
change in D
more demand
12
What type of goods are cars and gas?
free goods
complements
natural goods
substitutes
13
Another name for shifters of supply/demand?
determinants
elements
detrmination
factors
14
What factor would not affect Charlotte's demand for motorbikes?
peer pressure
decrease in income
price reduction
fashion
15
A fall in price will lead to an increase in ___________ = Law of Demand
demanded
supply
QD
demand
16
What happens to supply of chips when government imposes a food fat tax?
shifts riight
decreases
QS increases
QS decreases
17
What is the relationship between jelly and peanut butter?
complimnets
ingredients
complements
substitutes
18
What term does this explanation describe: Willingness backed by the ability to pay.
change in demand
QD
Demand
Supply
19
What is cp an abbreviation for? used in law of supply and demand
cost price
ceters parbus
cost plus
ceteris paribus
20
What happens to demand for vegemite when bread prices double?
increases
QD falls
decreases
shift right
21
Price of pizza increases - what happens to supply?
increases supply
increase in QS
decreases supply
decrease in QS
22
What is the next best alternative foregone?
loss
opportunity cost
cost of opportunity
missed opportunity
23
Why do consumers buy more at lower prices?
more willing
more willing and able
more money
more affordable
24
What factor below would lead to an increase in supply of broccoli?
floods
new harvesting machine
costs increase
price decreases
25
What is a decision between 2 alternatives?
opportunity
wants
scarcity
choice
26
Price of peanut butter increases - what happens to demand for jelly ?
no change
decreases
increases
QD increases
27
Which factor below would lead to a decrease in supply?
costs increase
price decrease
subsidy is introduced
subsidy is removed
28
What is the improvement in outputs to inputs called?
productivity
production
producers
produce
29
What are things people would like to have but are not necessary to survive?
wants
likes
maybes
needs