SUPPLY & DEMAND REVIEW SHEET
I) What is demand?
A) Law of demand:
B) Label a demand curve using the demand schedule
C) Things that shift demand:
1) T
2) E
3) N
4) I
5) S
D) Elasticity of Demand
Define the following & give examples
1) Elastic:
(a) Example of (a) good(s) that is/are elastic:
2) Inelastic
(a) Example of goods that are inelastic:
3) Determinants of elasticity:
(a)
(b)
(c)
II) What is Supply?
A) Law of Supply:
B) Draw a supply curve (left) using the supply schedule (right) provided:
Supply Schedule for Pizza
price per slice
quantity supplied
$1
25
$2
50
$3
75
$4
100
C) As price ____________, quantity supplied ____________.
D) Things that shift Supply:
1) P
2) E
3) T
4) S
E) Elasticity of Supply:
1) Example of goods in which supply is inelastic
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III)
SUPPLY & DEMAND REVIEW SHEET
What happens when supply and demand meet?
A) The point indicated on the graph where supply & demand meet is called the
_____________________ point.
B) When there is disequilibrium… (What does it mean?)
C) Define the following & show on the graph above.
1) Excess supply:
2) Excess demand:
D) Price ceiling:
1) An example of a price ceiling:
E) Price floor:
1) An example of a price floor:
F) Properly label the graph below with the following words
1) Demand curve
5) Shortage
2) Equilibrium point
6) Supply Curve
3) Price
7) Surplus
4) Quantity
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SUPPLY & DEMAND REVIEW SHEET
IV) Be able to graphically show the following:
A) an increase in demand
B) a decrease in demand
C) an increase in supply
D) a decrease in supply
V) You will be provided with “newspaper headlines” and have to determine how
they affect either supply or demand.
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