Assignment : Jeopardy (25 notes)

Assignment : Jeopardy (25 notes)

Mr. Robinson

Chapter 4 + 5

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A ________ curve is a graphic

representation of a demand schedule.

(82)

$100

A demand curve is a graphic

representation of a demand schedule.

(82)

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A substitute is… (88)

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A substitute is… (88) a good

that replaces another good.

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A _______ good is one that consumers will demand MORE of when they make MORE money (86)

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A normal good is one that consumers will demand MORE of when they make

MORE money (86)

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A good that is always used with another good is a _________. (88)

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A good that is always used with another good is a complement (88)

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Total revenue is the amount of _______ a company receives for

selling goods and services (95)

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Total revenue is the amount of money a company receives for selling goods and services (95)

The law of ______ is the tendency of suppliers

to offer more of a good for a high price. (101)

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The law of supply is the tendency of

suppliers to offer more of a good for a high price. (101)

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A _____ tax is a payment to the

government on the production of certain

goods. (118)

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An excise tax is a payment to the

government on the production of

certain goods. (118)

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A ______ is a government payment

that supports a business or market.

(117)

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A subsidy is a government payment

that supports a business or market.

(117)

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________ revenue is the additional income from selling one more unit of a good. (112)

Marginal revenue is the additional

income from selling one more unit of a

good. (112)

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When a person is able and willing

to buy something, they create _______.

(79)

When a person is able and willing to

buy something, they create demand (79)

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Inferior goods are… (87)

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Inferior goods are… (87) things you buy less of as you make

more money

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If future price is expected to rise, current

demand will ______.

If future price is expected to rise, current

demand will rise.

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Which good has an inelastic supply (104):

Apples, hats, beanbags,

toothbrushes

Which good has an inelastic supply

(104):

Apples

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_____ has the greatest influence on elasticity of

supply.

Time has the greatest influence on elasticity of

supply.

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How is profit determined?

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How is profit determined?

Total revenue – total cost = profit.

$100

If I was a farmer and I knew the price of my wheat I was selling would go up next

month, I would… (119)

If I was a farmer and I knew the price of my wheat I was selling would go up next

month, I would… store it and sell it next

month (119)Back

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_______ cost is the cost of making one more unit of a good.

(111)

Marginal cost is the cost of making one more unit of a good.

(111)

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Elasticity of _______ shows how people

change their buying patterns when prices

change. (79)

Elasticity of demand shows how people

change their buying patterns when prices

change. (79)

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The US is a _______

economy. (79)

The US is a market economy.

(79)

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A market ______ schedule is a chart

that shows how much of a good all

suppliers will offer at different prices. (103)

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A market supply schedule is a chart that shows how much of a good all suppliers will offer at different prices. (103)

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What does it mean when demand for a

product is inelastic? (90)

What does it mean when demand for a

product is inelastic? (90)

People will still buy just as much, no

matter what the price. Back to

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Marginal is a synonym for _________.

Marginal is a synonym for additional.

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What is an example of using technology to lower production

costs? (117)

What is an example of using technology to

lower production costs? (117)

Using machines to sew backpacks instead of

people.Back

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How many days of the year are you in

school?

How many days of the year are you in

school?

180

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What was the final score of last night’s

Dodger-Phillies game?

What was the final score of last night’s Dodger-

Phillies game?

5 – 4 Back

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