Demand and Supply Shifters

Match

Match the following determinants of demand

• Amount of buyers in the market

• Buyers preparing for a future event

• Complimentary & Substitute Goods

• Amount of money consumers have to spend

• Influence & popularity of products

Market Size

Expectations

Related Prices

Income

Tastes

• Market Size

• Expectations

• Related Prices

• Income

• Tastes

Match

Match the following determinants of supply

• Updated or new machinery or tools

• Complimentary & Substitute Goods

• Cost of production factors to make products

• Suppliers preparing for a future event

• #of sellers producing product

Technology

Related Prices

Input Prices

Expectations

Competition

• Technology

• Related Prices

• Input Prices

• Expectations

• Competition

Multiple Choice

True or False: NO MATTER WHAT if you INCREASE Demand or Supply it is a shift to the RIGHT

• True

• False

Multiple Choice

True or False: NO MATTER WHAT if you DECREASE Demand or Supply it is a shift to the LEFT

• True

• False

Multiple Choice

What is a substitute?

• Use in place of something similar quality

• The opposite of another good

• Use an exact replica of the same good

Open Ended

What is a substitute for Burger King?

What is a substitute for a pencil

Multiple Choice

What is a complimentary good?

• A good you would use to enjoy another good

• The opposite of another good

• Use an exact replica of the same good

Open Ended

What is a complimentary good for Hot dogs?

What is a complimentary good for ink cartridges'?

Draw

Consumer get a tax cut. Graph market for TVS

Draw

Toyota opens a new factory. Graph Car Market

Draw

Oil gets expensive. Graph Plastic market

Draw

Price of Milk increases. Graph cereal market

Draw

Taylor Swift tweets Canes uses cat meat. Graph Canes Market

Draw

A product gets popular with consumers. Price of inputs get cheaper. Graph S & D at the same time!

​TOMORROW