jeopardy rules you will be divided into three teams. each member of the team will take turns giving...
TRANSCRIPT
THIS IS…
THIS IS…
JEOPARDY RULES
• You will be divided into three teams.• Each member of the team will take
turns giving the solution.• Once your host finishes reading the
answer, the first person to raise their hand gets to state the answer for their team!
• The team with the most points in the end gets 3 bonus points; 2 bonus points for the team in second and 1 bonus point for third place.
http://rubbercat.net/mt/2012-06/
DEMAND SUPPLY MARKET EQUILIBRIUM
BUSINESSTYPES
MARKET FORMS
It is the desire to use a good/service and the ability to pay for it.
Demand
Demand $200
When the price of goods are lower, demand for that good should…
Increase
Demand $400
This factor of change is when goods are used together; a rise in demand for one good will increase demand for the
other.
Complements
Demand $600
The elasticity for the demand curve for luxury goods or goods with many
substitutes is this…
Elastic
Demand $800
When the price of solar panels falls, the demand curve for wind turbines
will…
Shift to the Left
Demand $1,000
These expenses vary based on the rate of production.
Variable Expenses
Supply $200
You will move along the supply curve if there is a change in what factor…
Price
Supply $400
It’s when hiring more workers improves one’s rate of production.
Increasing Returns
Supply $600
If producers expect the price of their product to rise in the future, the supply
curve will…
Shift to the Right
Supply $800
A supply curve is this, when it takes longer to adjust production to a
change in price.
Inelastic
Supply $1,000
It’s the point where quantity supplied is the same as quantity demanded.
Equilibrium Price
Market Equilibrium $200
When the demand for a product goes down, this happens to equilibrium
price…
Price Goes Down
Market Equilibrium $400
This occurs when demand is greater than supply.
Shortage
Market Equilibrium $600
This occurs when quantity supplied and quantity demanded are not equal.
Disequilibrium
Market Equilibrium $800
Companies conduct this in order to figure out prices at which consumers will buy goods, and prices firms will
sell goods.
Market Research
Market Equilibrium $1,000
It’s when businesses merge that are involved in different steps of making or
advertising for a good.
A Vertical Merger
Business Types $200
It’s a person who buys the right to sell a company’s product in a given area.
Franchisee
Business Types $400
They are businesses that are operated for the shared benefit of the owners.
Conglomerate
Business Types $600
Limited funds, unlimited liability and a limited life span are all disadvantages
of this business.
Sole Proprietorship
Business Types $800
It’s the profit that is shared by a corporation with its stockholders…
Dividend
Business Types $1,000
It’s when there is just one seller who can in turn control prices.
A Monopoly
Market Forms $200
It’s a law that protects a company’s idea or invention for a number of
years.
A Patent
Market Forms $400
With this market type, all products are standard and buyers/sellers act
independently.
Pure/Perfect Competition
Market Forms $600
Companies use differentiation to distinguish their products in this
market structure.
Monopolistic Competition
Market Forms $800
OPEC is an example of this type of market structure.
A Cartel
Market Forms $1,000
EQUILIBRIUM WAGE
Draw a supply & demand curve to answer this question
EQUILIBRIUM WAGE
SUPPLY
Point Price Quantity
A $200 10
B $400 30
C $600 50
D $800 70
E $1,000 90
Dell is selling computers and Apple decides to raise the price of its Mac Books by $500.
Which factor of demand for Dell caused this change?What was Dell’s original equilibrium price? What is Dell’s new equilibrium price now?
DEMAND (BEFORE)
Point Price Quantity
A $200 90
B $400 70
C $600 50
D $800 30
E $1,000 10
DEMAND (AFTER)
Point Price Quantity
A $200 110
B $400 90
C $600 70
D $800 50
E $1,000 30
(LABEL EVERYTHING!)
0 20
400
200
0120100806040
800
600
1,000
140
Price ($)
Quantity
DEMAND 2
DEMAND 1
SUPPLY