Demand and Supply Concepts Review

The video tutorial guides economics students through an activity involving demand and supply headlines. Students learn to match headlines with economic scenarios, analyze the impact on demand and supply curves, and provide explanations. The tutorial covers how changes in income affect demand and how input costs influence supply. It concludes with tips for using review notes to solve related questions.

What is the primary goal of the demand and supply headlines activity?

• To calculate exact demand and supply values

• To write essays on economic theories

• To match headlines with changes in demand and supply curves

• To memorize economic terms

How does a decline in average wages affect the demand curve for movie tickets?

• The demand curve shifts to the left

• The demand curve shifts to the right

• The demand curve becomes vertical

• The demand curve remains unchanged

What is the demand shifter in the example of declining wages?

• Change in consumer preferences

• Change in the number of consumers

• Change in income

• Change in the price of substitutes

Which of the following is NOT a factor that can shift the demand curve?

• Change in consumer income

• Change in consumer preferences

• Change in the cost of production

• Change in the price of related goods

Which of the following is a demand shifter?

• Change in government regulations

• Change in consumer income

• Change in the number of suppliers

• Change in technology

What happens to the supply curve for frozen peach pies when there is a record peach harvest?

• The supply curve shifts to the left

• The supply curve shifts to the right

• The supply curve remains unchanged

• The supply curve becomes vertical

What factor is responsible for the shift in the supply curve for peach pies?

• Change in technology

• Change in input prices

• Change in government policy

• Change in consumer preferences

What should students use to help solve questions about demand and supply shifts?

• A history textbook

• A dictionary

• A calculator

• Their review notes and list of factors

In the context of supply and demand, what does a shift to the right generally indicate?

• No change in supply or demand

• A decrease in supply or demand

• An increase in supply or demand

• A decrease in price

What is the effect of a decrease in input prices on the supply curve?

• The supply curve shifts to the left

• The supply curve shifts to the right

• The supply curve remains unchanged

• The supply curve becomes vertical