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Demand & Supply Shifts! (3 Factors Each) Flashcards | StudBud
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Demand & Supply Shifts! (3 Factors Each)
Demand & Supply Shifts! (3 Factors Each)
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Demand & Supply Shift Factors!
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
It's more expensive for builders to get lumber for new homes, so the supply of houses decreases.
Number of Suppliers
Technology Used for Production
Resource Costs
2
Everyone buys Nike shoes because that's what Chance The Rapper starts to wear.
Prices of related goods
Income
Consumer Tastes & Advertising
3
The price of Culver’s Butter Burgers, goes down, so everyone stops buying Wendy’s Hamburgers.
Consumer Tastes & Advertising
Prices of Related Goods
Income
4
NOT A QUESTION: Now we'll switch to the Supply Shift Factors!
Number of Suppliers
Technology Used for Production
Resource Costs
5
Shannnnnnnon gets a raise at work, so she buys more Starbucks.
Prices of Related Goods
Consumer Tastes and Advertising
Income
6
ANOTHER chicken restaurant opens in Gurnee, so the supply of chicken sandwhiches increases.
Resource Costs
Technology Used for Production
Number of Suppliers
7
Ford has decided to use new, more advanced machines to make cars, so their supply increases.
Number of Suppliers
Resource Costs
Technology Used for Production
8
Which direction represents a DECREASE on a Demand or Supply Curve?
Down
Left
Up
Right
9
What is happening here??
Supply is shifting left
Demand is decreasing
Supply is increasing
Demand is shifting right
10
What is this Supply Curve doing?
Shifting Left (Decreasing)
Shifting Right (Increasing)
Shifting Right (Decreasing)
Shifting Left (Increasing)
11
You have to buy fewer Chipotle burritos this week, because you lost all your money at the casino.
Prices of Related Goods
Income
Consumer Tastes & Advertising
12
When Demand shifts to the LEFT, it is decreasing.
False
True
13
Only two factories in town make typewriters. One of them suddenly burns down and the supply of typewriters decreases.
Resource Costs
Number of Suppliers
Technology Used for Production
14
There is a decrease in the price of cotton. T-shirt makers can now get more cotton and make more cotton T-shirts.
Technology Used for Production
Number of Suppliers
Resource Costs
15
NOT A QUESTION: These first 6 questions are all about Demand Shift Factors!
Prices of Related Goods
Income
Consumer Tastes & Advertising
16
People stop buying headphones after they decide that music is boring.
Prices of related goods
Consumer Tastes and Advertising
Income
17
The 3D Printer you used to make your product breaks, so your supply decreases :(
Technology Used for Production
Number of Suppliers
Resource Costs
18
The price of crayons increases, so the demand curve for colored pencils will shift...
Right
Up
Down
Left
