Econ 1-4C Home Alone (Supply & Demand)

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E.2.1 Define supply and demand, and explain the causes of the Law of Supply and the Law of Demand. (E)
E.2.2 Provide examples of how consumers ultimately determine what is produced in a market economy.
E.2.3 Provide examples of how supply and demand determine equilibrium price and quantity.
E.2.4 Identify factors that cause changes in market supply and demand and how these changes affect price and quantity in a competitive market. (E)
E.2.5 Describe how price elasticity of supply and price elasticity of demand send signals to buyers and sellers. (E)
E.2.6 Analyze the earnings of workers in different industries using factors such as product value, worker productivity, and market structure. (E)

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Lance Hiles

United States

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Econ 1-4C Home Alone (Supply & Demand)


Econ 1-4C Home Alone (Supply & Demand)Version en ligne E.2.1 Define supply and demand, and explain the causes of the Law of Supply and the Law of Demand. (E) E.2.2 Provide examples of how consumers ultimately determine what is produced in a market economy. E.2.3 Provide examples of how supply and demand determine equilibrium price and quantity. E.2.4 Identify factors that cause changes in market supply and demand and how these changes affect price and quantity in a competitive market. (E) E.2.5 Describe how price elasticity of supply and price elasticity of demand send signals to buyers and sellers. (E) E.2.6 Analyze the earnings of workers in different industries using factors such as product value, worker productivity, and market structure. (E) par Lance Hiles A B C D E G H I K L M N P R S T U V W Y Contains A The demand for pizza is ____ , so they will go on sale at christmas. Lowering the price leads to more customers & revenue. A sale makes sense for pizza. Contains B The demand curve for toothbrushes is inelastic, because you have to clean your teeth & because there are few ____ for the product, i.e. there are few products that can replace the toothbrush. Contains C "Elastic demand" means product demand is sensitive to a change in price. There is an elastic demand for pizza, because it is not a ____ (you can live without them) and there are substitutes for pizza (hamburgers, tacos, chicken). Contains D Large stores will lower the price of a product below cost, making a loss on the product. They do this because it will bring more people to the store & they make money selling ___ ____ . Contains E Increasing the price of a short-notice ticket may seem cruel, but it saves the ticket for people who ____ ____ the most. If airlines didn't price discriminate, people would be forced to use extreme measures to get somewhere during the holidays. Contains G To use price discrimination, businesses must do 2 things: one of these things is to stop buyers from ____ the product. Contains H "Elastic demand" means product demand is sensitive to a change in price. The price goes up for pizza & the quantity people buy will decrease a ____ ___ . The price falls & the quantity bought will increase a [same] more. Starts with I The demand for toothbushes is ____ , so they will not go on sale at christmas. Lowering the price doesn't lead to more customers. It will only decrease revenue. A sale makes no sense for toothbrushes. Contains K A sale on products with elastic demand will lead to more customers, but there are 3 reasons stores don't do this: since it costs money to make a product, lowering the price might cause them to ____ a ____ . (spend more than earn) Starts with L As price goes up, people buy less of a good. When price goes down, people buy more. This is the ____ of ____ . Contains M To use price discrimination, businesses must do 2 things: one of these things is determine which customers have ____ ____ (willing to pay more) & which ones do not. Contains N Since there are 3 reasons that huge sales are bad for revenue, companies increase revenue by selling the same good to different people for different prices, known as price ____ . Starts with P A sale on products with elastic demand will lead to more customers, but there are 3 reasons stores don't do this: the company loses ____ revenue from current buyers that are willing to pay full price. Starts with R A sale on products with elastic demand will lead to more customers, but there are 3 reasons stores don't do this: the buyer may take the discounted product & ____ it to make a profit, if the product is normally sold at a higher price. Starts with S Price discrimination helps a retired person on a small, fixed income (social security) go out to eat more often, in the form of a ____ discount. This is not a bad thing. It helps the retired person. Contains T To use price discrimination, airlines have identified the customers with inelastic demand, or those who are willing to pay more. These are customers who have to fly with ____ ____ . Contains U A ____ is price discrimination that separates the market into 1) people who are willing to pay full price & 2) people who only buy during a sale. Bulk discounts & kids discounts are the same. Contains V The ____ ____ determines which products go on sale at Christmas. It is a downward sloping curve showing the relationship between customer wants & product price. Starts with W Price discrimination is an example of a company using economics to get buyers what they want, at a price they are ____ to ____ Contains Y "Inelastic demand" means product demand is insensitive to a change in price. The price goes up for toothbrushes, & the quantity people buy will decrease, but not ____ ___ . The price falls & the quantity bought will increase, but not [same].

Econ 1-4C Home Alone (Supply & Demand)

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Econ 1-4C Home Alone (Supply & Demand)Version en ligne

par Lance Hiles

Contains A

The demand for pizza is ____ , so they will go on sale at christmas. Lowering the price leads to more customers & revenue. A sale makes sense for pizza.

Contains B

The demand curve for toothbrushes is inelastic, because you have to clean your teeth & because there are few ____ for the product, i.e. there are few products that can replace the toothbrush.

Contains C

"Elastic demand" means product demand is sensitive to a change in price. There is an elastic demand for pizza, because it is not a ____ (you can live without them) and there are substitutes for pizza (hamburgers, tacos, chicken).

Contains D

Large stores will lower the price of a product below cost, making a loss on the product. They do this because it will bring more people to the store & they make money selling ___ ____ .

Contains E

Increasing the price of a short-notice ticket may seem cruel, but it saves the ticket for people who ____ ____ the most. If airlines didn't price discriminate, people would be forced to use extreme measures to get somewhere during the holidays.

Contains G

To use price discrimination, businesses must do 2 things: one of these things is to stop buyers from ____ the product.

Contains H

"Elastic demand" means product demand is sensitive to a change in price. The price goes up for pizza & the quantity people buy will decrease a ____ ___ . The price falls & the quantity bought will increase a [same] more.

Starts with I

The demand for toothbushes is ____ , so they will not go on sale at christmas. Lowering the price doesn't lead to more customers. It will only decrease revenue. A sale makes no sense for toothbrushes.

Contains K

A sale on products with elastic demand will lead to more customers, but there are 3 reasons stores don't do this: since it costs money to make a product, lowering the price might cause them to ____ a ____ . (spend more than earn)

Starts with L

As price goes up, people buy less of a good. When price goes down, people buy more. This is the ____ of ____ .

Contains M

To use price discrimination, businesses must do 2 things: one of these things is determine which customers have ____ ____ (willing to pay more) & which ones do not.

Contains N

Since there are 3 reasons that huge sales are bad for revenue, companies increase revenue by selling the same good to different people for different prices, known as price ____ .

Starts with P

A sale on products with elastic demand will lead to more customers, but there are 3 reasons stores don't do this: the company loses ____ revenue from current buyers that are willing to pay full price.

Starts with R

A sale on products with elastic demand will lead to more customers, but there are 3 reasons stores don't do this: the buyer may take the discounted product & ____ it to make a profit, if the product is normally sold at a higher price.

Starts with S

Price discrimination helps a retired person on a small, fixed income (social security) go out to eat more often, in the form of a ____ discount. This is not a bad thing. It helps the retired person.

Contains T

To use price discrimination, airlines have identified the customers with inelastic demand, or those who are willing to pay more. These are customers who have to fly with ____ ____ .

Contains U

A ____ is price discrimination that separates the market into 1) people who are willing to pay full price & 2) people who only buy during a sale. Bulk discounts & kids discounts are the same.

Contains V

The ____ ____ determines which products go on sale at Christmas. It is a downward sloping curve showing the relationship between customer wants & product price.

Starts with W

Price discrimination is an example of a company using economics to get buyers what they want, at a price they are ____ to ____

Contains Y

"Inelastic demand" means product demand is insensitive to a change in price. The price goes up for toothbrushes, & the quantity people buy will decrease, but not ____ ___ . The price falls & the quantity bought will increase, but not [same].

Large stores will lower the price of a product below cost, making a loss on the product. They do this because it will bring more people to the store & they make money selling _ __ .

Increasing the price of a short-notice ticket may seem cruel, but it saves the ticket for people who the most. If airlines didn't price discriminate, people would be forced to use extreme measures to get somewhere during the holidays.

"Elastic demand" means product demand is sensitive to a change in price. The price goes up for pizza & the quantity people buy will decrease a __ _ . The price falls & the quantity bought will increase a [same] more.

A sale on products with elastic demand will lead to more customers, but there are 3 reasons stores don't do this: since it costs money to make a product, lowering the price might cause them to a . (spend more than earn)

As price goes up, people buy less of a good. When price goes down, people buy more. This is the of .

To use price discrimination, businesses must do 2 things: one of these things is determine which customers have (willing to pay more) & which ones do not.

To use price discrimination, airlines have identified the customers with inelastic demand, or those who are willing to pay more. These are customers who have to fly with .

The determines which products go on sale at Christmas. It is a downward sloping curve showing the relationship between customer wants & product price.

Price discrimination is an example of a company using economics to get buyers what they want, at a price they are to

"Inelastic demand" means product demand is insensitive to a change in price. The price goes up for toothbrushes, & the quantity people buy will decrease, but not __ _ . The price falls & the quantity bought will increase, but not [same].