Analyzing Shifts in Demand and Supply

Mr. Clifford introduces the concept of shifting demand and supply, explaining equilibrium and the effects of price changes. He uses a scene from Frozen to illustrate market changes, specifically analyzing the demand for sun balm when seasons change. The video includes practice scenarios for students to apply their understanding of supply and demand shifts, focusing on hamburgers. The video concludes with a preview of the next topic on price controls.

What is the point where the quantity demanded equals the quantity supplied called?

• Equilibrium

• Surplus

• Shortage

• Price Floor

What happens to the quantity demanded when the price increases?

• It fluctuates

• It increases

• It decreases

• It remains the same

What is the effect on the demand for sun balm when summer suddenly becomes winter?

• Supply increases

• Demand decreases

• Demand increases

• Supply decreases

Which of the following is a shifter of supply?

• Technology

• Consumer preferences

• Price of related goods

• Income

What happens to the price and quantity of hamburgers when new grilling technology is introduced?

• Price decreases, quantity increases

• Price and quantity both decrease

• Price increases, quantity decreases

• Price and quantity both increase

If the price of chicken sandwiches increases, what happens to the demand for hamburgers?

• It fluctuates

• It remains the same

• It decreases

• It increases

What happens when the price of hamburgers decreases?

• There is movement along the supply curve

• The demand curve shifts to the right

• The supply curve shifts to the left

• There is movement along the demand curve

If the price of ground beef increases, what happens to the supply of hamburgers?

• Supply increases

• Supply decreases

• Demand increases

• Demand decreases

What is the effect on the demand for hamburgers if human fingers are found in many restaurants?

• Demand increases

• Demand decreases

• Supply decreases

• Supply increases

Why is understanding supply and demand important in real life?

• It is only important for business owners

• It is only useful for passing exams

• It helps in predicting market changes

• It has no real-life application