JEOPARDY!
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Economics
Supply & Demand
Template by
Bill Arcuri, WCSD
JEOPARDY!
Story
Definitions
Graphing
Math
Concepts
The Law
Problems
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Template by
Bill Arcuri, WCSD
“How much the people want
or need”
What is Demand?
Template by
Bill Arcuri, WCSD
“How many products or
services businesses make
available for sale.”
What is Supply?
Template by
Bill Arcuri, WCSD
“The point at which the
Demand equals Supply”
What is equilibrium or
market price?
Template by
Bill Arcuri, WCSD
“The amount that
customers pay for a
product or service”
What it price?
Template by
Bill Arcuri, WCSD
“People change the amount of
what they want all the time. This
changes how much product is
supplied or the price of
something. These changes are
called . . . ”
What are Market
Pressures?
Template by
Bill Arcuri, WCSD
“The Redskins are winning.
Demand is up for tickets. Dan
Synder has this opportunity to
make more money”
What is raise ticket
prices?
Template by
Bill Arcuri, WCSD
“Tropical Smoothie products
have been found to improve
grades. Demand will probably
do this”
What is increase?
Template by
Bill Arcuri, WCSD
“Taco Bell is coming to
Purcellville. McDonalds may
respond in this way.”
What is either lower prices or
improve its quality?
Template by
Bill Arcuri, WCSD
“The cost to operate Kings Dominion has
increased substantially, but competition
from Busch Gardens is forcing them to
keep their prices the same. This likely
means that Kings Dominion will do this
with them number of rides they make
available”
What is reduce?
Template by
Bill Arcuri, WCSD
“FBLA has been eliminated as a club
at Valley for violating the NCAA rules
for recruiting members. This is likely
to happen to DECA’s membership .”
What is increase?
Template by
Bill Arcuri, WCSD
In this supply & demand graph, the
“P” and the “Q” stand for this
P
5
B
A
4
3
2
C
1
0
0
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Q
What is Price & Quantity?
Template by
Bill Arcuri, WCSD
In this supply & demand graph, the
curve designated “B” represents this
P
5
B
A
4
3
2
C
1
0
0
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40
50
Q
What is Supply?
Template by
Bill Arcuri, WCSD
In this supply & demand graph, the
spot nearest the “C” represents this
feature
P
5
B
A
4
3
2
C
1
0
0
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Q
What is Equilibrium Point or
Market Price?
Template by
Bill Arcuri, WCSD
In this supply & demand graph, the
curve B2 represents this
P
5
A
4
B
B2
3
2
C
1
0
0
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40
50
Q
What is a reduction in Supply?
Template by
Bill Arcuri, WCSD
In this graph, the curve B2 represents this
change in the Equilibrium Point or price of a
product or service
P
5
A
4
B
B2
3
2
C
1
0
0
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Q
What is an increase?
Template by
Bill Arcuri, WCSD
In this supply and demand graph, this amount would
be the approximate income for this product
P
5
B
A
4
3
2
C
1
0
0
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Q
What is $60?
Template by
Bill Arcuri, WCSD
In this supply & demand graph, the new
equilibrium price would be this amount.
P
B2
5
B
A
4
3
2
C
1
0
0
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Q
What is approximately $3.00?
Template by
Bill Arcuri, WCSD
In this supply & demand graph, If price rose
to $4.00, demand would be this amount.
P
5
A
4
B
B2
3
2
C
1
0
Q
What is approximately ten?
0
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30
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50
Template by
Bill Arcuri, WCSD
Daily Double!!!
In this supply & demand graph, the amount
businesses will provide at a price of $1.00
P
5
B
A
4
3
C
2
1
0
0
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30
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Q
What is approximately 10?
Template by
Bill Arcuri, WCSD
In this supply & demand graph, the amount
that people will want to buy at $3.00
assuming a new demand curve.
P
5
A
4
A2
B
B2
3
2
1
0
0
10
20
30
40
50
Q
What is approximately 30?
Template by
Bill Arcuri, WCSD
In this situation, there are more
products available to sell than
there are buyers willing to buy
What is a “Buyer’s Market?”
Template by
Bill Arcuri, WCSD
It’s been recently discovered that
Pizza can prevent all types of
cancer. Everyone wants more pizza.
Pizzerias can’t keep up. This would
be described as _________ market.
What is a seller’s market?
Template by
Bill Arcuri, WCSD
This graph represents a
unique situation.
P 5
4
A
B
3
2
1
0
0
10
20
30
40
50
Q
What is inelastic
demand?
Template by
Bill Arcuri, WCSD
This can lead to sudden,
dramatic increase in the
demand for a product or
service, but it is often a short
lived occurrence.
What is a Fad?
Template by
Bill Arcuri, WCSD
The Laws of Supply & Demand
If the price of an item goes down,
suppliers will provide __________
of the item.
What is less or fewer?
Template by
Bill Arcuri, WCSD
The Laws of Supply & Demand.
If Demand goes up, the price will . . .
What is go up?
Template by
Bill Arcuri, WCSD
The Laws of Supply & Demand.
If vendors supply more
products, the price will . . .
What is go down?
Template by
Bill Arcuri, WCSD
The Laws of Supply & Demand.
If the price of an item goes up,
suppliers will provide . . . .
What is go up?
Template by
Bill Arcuri, WCSD
The Laws of Supply & Demand.
If a small change in price leads
to extreme or dramatic
changes in demand, the
demand is said to be . . .
What is elastic?
Template by
Bill Arcuri, WCSD
The Laws of Supply & Demand.
If the supply and demand
change in equal proportions,
the price of an item will . . .
What is stay the same?
Template by
Bill Arcuri, WCSD