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.

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