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Economics: Unit 2
What Does that Graph Say?
You Supply, I’ll Demand
Everyone Loves Vocabulary
It’s Time for the Market!
Big Brother And Uncle Sam Say…
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Team 2 :Team 1 :
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9 points
Reading Graphs: 2 Points
The Answer Is :1
The Question Is :How many slices of pizza will Ashley buy if the price is $2.50?
0 1 2 3 4 50
0.51
1.52
2.53
Slices of Pizza per DayPr
ice
per S
lice
(In D
olla
rs)
Stop! Time’s Up!
The Answer Is :$1.00
The Question Is :At what price will Ashley demand 4 slices of pizza? 0 1 2 3 4 5
00.5
11.5
22.5
3
Reading Graphs: 3 Points
Slices of Pizza per Day
Stop! Time’s Up!
The Answer Is :2,000
The Question Is :If the market price is $1.50, how many slices will be supplied by all producers in the market?
Reading Graphs: 4 Points
01,000
1,5002,000
2,5003,000
3,5004,000
$0.00$0.50$1.00$1.50$2.00$2.50$3.00$3.50
Market Supply Curve
Slices of Pizza per Day
Pric
e
Stop! Time’s Up!
The Answer Is :250
The Question Is :How many slices will one pizzeria be willing to supply at a market price of $2.00 a slice?
0 50 100 150 200 250 300 350 4000
0.5
1
1.5
2
2.5
3
3.5Individual Supply Curve
Pric
e
Slices of Pizza per Day
Reading Graphs: 5 Points
Stop! Time’s Up!
The Answer Is :$3.00
The Question Is :If the market is willing to supply 4,000 slices of pizza, what is the market price of a slice of pizza?
Reading Graphs: 6 Points
01,000
1,5002,000
2,5003,000
3,5004,000
$0.00$0.50$1.00$1.50$2.00$2.50$3.00$3.50
Market Supply Curve
Slices of Pizza per Day
Pric
e
Stop! Time’s Up!
The Question Is :
The price of $1.00 would be a what?
The Answer Is :A price ceiling
Reading Graphs: 7 Points
0 50 100 150 200 250 300 350$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
SupplyDemand
Excess Demand
Excess Supply
Quantity Supplied
Quantity Demanded
Quantity Supplied
Quantity Demanded
Stop! Time’s Up!
The Question Is :A price of $1.50 would be a what?
The Answer Is :The Equilibrium price
0 50 100 150 200 250 300 3500
0.5
1
1.5
2
2.5
3
SupplyDemand
Excess Demand
Excess Supply
Quantity Supplied
Quantity Demanded
Quantity Supplied
Quantity Demanded
Reading Graphs: 8 Points
Stop! Time’s Up!
The Answer Is :200
The Question Is :
At the equilibrium price, how many slices of pizza will be sold?
0 50 100 150 200 250 300 3500
0.5
1
1.5
2
2.5
3
SupplyDemand
Excess Demand
Excess Supply
Quantity Supplied
Quantity Demanded
Quantity Supplied
Quantity Demanded
Reading Graphs: 9 Points
Stop! Time’s Up!
The Question Is :A ________ good is a good that replaces another demanded good.
The Answer Is :Substitute
Stop! Time’s Up!
Supply & Demand: 2 Points
The Question Is :True or False: A complement good is a good that is never used with another good.
The Answer Is :False
Stop! Time’s Up!
Supply & Demand: 3 Points
The Question Is :What is total revenue?
The Answer Is :The amount of money a company receives by selling goods or services
Stop! Time’s Up!
Supply & Demand: 4 Points
The Question Is :True or False: Alex receives a raise at work and continues to work the same number of hours each week. His demand for $3 t-shirts, which he considers an inferior good, will stay the same.
The Answer Is :False, it will decrease
Stop! Time’s Up!
Supply & Demand: 5 Points
The Question Is :When movie rentals were $2.95, Sara rented 12 movies a month. The price increased by 50 cents and Sara decided to rent 2 less. When the price increased by another dollar, Sara decided to cut her movie rental in half. What is her quantity demanded by month at the current price?
The Answer Is :5
Stop! Time’s Up!
Supply & Demand: 6 Points
The Question Is :What is the elasticity of elastic demand?
The Answer Is :Demand with an elasticity less than 1
Stop! Time’s Up!
Supply & Demand: 7 Points
The Question Is :Why do companies practice price discrimination?
The Answer Is :Price discrimination recognizes that groups of consumers are willing and able to pay different amounts and maximizes profits by charging each group a different price.
Stop! Time’s Up!
Supply & Demand: 8 Points
The Question Is :The price of a good is going up. Explain what will happen (in theory) to the quantity demanded and the quantity supplied.
The Answer Is :The quantity demanded will go down and the quantity supplied will go up
Stop! Time’s Up!
Supply & Demand: 9 Points
The Answer Is :The economic system
The Question Is :What is “the method used by society to produce and distribute goods and services?”Stop!
Time’s Up!
Key Terms: 2 Points
The Answer Is :True
The Question Is :True or False: Self-interest means “one’s own personal gain.”
Stop! Time’s Up!
Key Terms: 3 Points
The Answer Is :Opportunity cost
The Question Is :__________ __________ is the “most desirable alternative given up when people choose one course of action over another.”Stop!
Time’s Up!
Key Terms: 4 Points
The Answer Is :The study of the behavior and decision making of entire economics
The Question Is :What is macroeconomics?
Stop! Time’s Up!
Key Terms: 5 Points
The Answer Is :The part of the economy that involves the transactions of individuals and businesses
The Question Is :What is the private sector?
Stop! Time’s Up!
Key Terms: 6 Points
The Answer Is :The tendency of suppliers to offer more of a good at a higher price
The Question Is :What is the law of supply?
Stop! Time’s Up!
Key Terms: 7 Points
The Answer Is :A measure of the way a quantity supplied reacts to a change in price
The Question Is :What is the elasticity of supply?
Stop! Time’s Up!
Key Terms: 8 Points
The Answer Is :Goods and services provided by the government for free or at greatly reduced prices
The Question Is :What are in-kind benefits?
Stop! Time’s Up!
Key Terms: 9 Points
Markets : 2 Points
The Question Is :True or False: Self-interest is the motivating force behind the free market.
The Answer Is :True
Stop! Time’s Up!
The Answer Is :Profitable
The Question Is :At the most _________ level of production, a firm’s marginal cost will be equal to the market price.Stop!
Time’s Up!
Markets : 3 Points
The Question Is :In a _______ ________, prices lead to an efficient allocation of resources, which means that resources are used in the most valuable and productive way according to the needs of consumers and producers.
The Answer Is :Free market
Stop! Time’s Up!
Markets : 4 Points
The Question Is :In a perfectly competitive market, companies have _______ control over price.
The Answer Is :No
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Markets : 5 Points
The Answer Is :A situation in which households purchase the goods and services that firms produce
The Question Is :What is a product market?
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Markets : 6 Points
The Answer Is :Purchase, supply, market
The Question Is :The _______ and _________ of goods and services takes place in the product ________.Stop!
Time’s Up!
Markets : 7 Points
The Question Is :Rationing might lead to a _________ market.
The Answer Is :Black
Stop! Time’s Up!
Markets : 8 Points
The Answer Is :Because there are always some government regulations
The Question Is :Why doesn’t a market economy ever exist in true form? Stop!
Time’s Up!
Markets : 9 Points
The Question Is :
Government Involvement: 2 Points
True or False: Regulation of commerce is something that the government provides as part of a safety net for the people.
The Answer Is :False, an example of this would be unemployment compensation
Stop! Time’s Up!
The Question Is :Why does the government protect inventors and authors by offering them patents and copyrights?
The Answer Is :To promote innovation
Stop! Time’s Up!
Government Involvement: 3 Points
The Answer Is :Supply
The Question Is :Subsidies are an example of government influence on ________.Stop!
Time’s Up!
Government Involvement: 4 Points
The Answer Is :False
The Question Is :True or False: Antitrust laws lead to monopolies.
Stop! Time’s Up!
Government Involvement: 5 Points
The Answer Is :A payment to the government on the production or sale of a good
The Question Is :What is an excise tax?
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Government Involvement: 6 Points
The Answer Is :A government payment that supports a business or market
The Question Is :What is a subsidy?
Stop! Time’s Up!
Government Involvement: 7 Points
The Answer Is :Sherman Anti-trust act
The Question Is :What is the name of the act that was passed in 1890 to fight monopolies?
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Government Involvement: 8 Points
The Answer Is :The federal government won the power to prevent monopolies and mergers that interfered with trade between states
The Question Is :What was the chief effect of the Sherman Antitrust Act?
Stop! Time’s Up!
Government Involvement: 9 Points
