The Market

The Market

by Kendrick Broadus

Open Ended

Write down words that come to mind when you hear the word

MARKET

Open Ended

Write down words that come to mind when you hear the word

SUPPLY AND DEMAND

Open Ended

Write down words that come to mind when you hear the word

SHORTAGE AND SURPLUS

Multiple Choice

If demand for a good decreases when people's income increases

• The good is an inferior good

• The law of demand is violated

• The good is a normal good

• The good's demand curve is upward sloping

Multiple Choice

You normally buy a Starbucks Double Mocha Frappucino extra whipped cream, extra chocolate drizzle, extra sprinkles on your way to school everyday. You receive a 20% decrease in pay due to a recession and start buying QT coffee instead, what would this make QT coffee?

• A normal good

• An inferior good

• A complement for higher income people

• A better cup of coffee than starbucks

Multiple Choice

If the demand for flat screen TV's increase when consumers income rise, then TV's are

• A normal good

• An inferior good

• A substitute good

• A complement good

Poll

It's Thursday, tomorrows FriYAY, How we feelin?????

• I'm absolutely STOKED

• I'm alright

• sitting in the middle

• I've been driving the struggle bus since yesterday

Multiple Choice

When national income decreases, Walmart notices an increase in purchases of their 'Great Value' brand goods.

• Great Value goods are normal goods

• Great value goods are complements to name brand

• Great Value goods are inferior goods

• None of the above

Multiple Choice

Which would cause a leftward shift (decrease) in the demand for Ramen noodles?

• A decrease in national income

• The price of regular noodles skyrockets

• The price of gas increase

• An increase in national income

Multiple Choice

Which of the below is correct when talking about inferior goods?

• Demand is unaffected by change in income

• Demanded increases when income increases

• Demand increases when income decreases

• Demand stays the same when income decreases

Multiple Choice

When replacing a certain item with with a less costly item is an example of

• the substitution effect 

• the income effect 

• demand elasticity 

• complements 

Multiple Choice

A complement example would be all except

• butter and margarine 

• peanut-butter and jelly

• flashlight and batteries 

• cameras and film 

Multiple Choice

When production increases average fixed costs does what?

• Increases

• Decreases

• Remains the same

• Decreases then increases

Multiple Select

Which of the following are fixed costs?

• Rent

• Cost of labour

• Material costs

• Loan payments

Let's Practice​!!

Use the homework attachment in google classroom

Each question below lists one good. Determine whether the item is a normal good or an inferior good. Then list one substitute good and one complementary good. Properly label each graph with a title, prices, and quantities. Finally, use the provided table to plot the data points on the graph. ​

​This is actually part of the classwork. Make sure you label X-axis and the Y-axis on the charts on the pdf form using annotate with kami.

Multiple Choice

Potato Chips

• Normal Good

• Inferior Good

Open Ended

what is a substitute good for potato chips?

Multiple Select

What is a complementary good to potato chips?

• cheese

• soda

• pretzel

• nachos

Multiple Choice

Used Clothing

• Normal Good

• Inferior Good

Open Ended

what is a substitute good for used clothing?

Open Ended

What is a complementary good for used clothing?

Multiple Choice

Brand New Minivan

•  Normal Good 

• Inferior Good