Download Jeopardy Unit 2

Unit 2 – Supply and Demand
JEOPARDY
Categories
Terms / Concepts
Demand
Supply
Equilibrium
Determinants
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Define
Demand
Define INFERIOR
GOOD
 Where Quantity Supplied
equals Quantity
Demanded
 Explain SHORTAGE and
draw a graph
 Explain SURPLUS and
draw a graph
 How is market demand
calculated?
 Define the Law of
Demand
 Illustrate a change in
Quantity Demanded
using a graph.
What is the difference
between Demand and
Quantity Demanded?
 Why is the demand curve
downward sloping?
 Define a supply schedule.
 What is the difference
between Supply and
Quantity Supplied?
 How is market supplied
calculated?
 Illustrate a change in
Quantity Supplied using
a graph.
 What is the relationship
between quantity and
price when looking at
supply?
What happens if… The price of
Pepsi increases
 P
Pepsi
S
D
Q
What happens if… The price of
Coca Cola increases
 P
Pepsi
S
D
Q
What happens if… The price of
DVD players decreases
 P
DVDS
S
D
Q
What happens if… There is a
decrease in the price of Grapes
 P
Grape Juice
S
D
Q
What happens if… The price of
Wine increases
 P
Grape Juice
S
D
Q
This determinant deals
with changing attitudes
of consumers toward a
particular product.
This determinant deals with
goods that are used and
purchased together.
Explain how Business
Taxes affects the market
(Supply or Demand?)
Explain the effect of a
Change in Income for
Normal and Inferior
goods.
 Explain how expectations of
future prices affects
DEMAND and SUPPLY.