Honors Econ Shifters Flashcard

Front

Demand

Back

the quantity of a product that consumers are willing to purchase at a given price

Front

Supply

Back

the various quantities of a good or service that producers are willing to sell at a given price

Front

Average wages decline for workers across the country. What happens to the demand of movie tickets?

Back

Demand Decrease (shift left)

Front

A fast food chain raises prices on all of its menu items. What will happen to the demand for the chain's food?

Back

Demand Decrease (shifts left)

Front

There has been a record harvest of peaches. What will happen to the supply of canned peaches?

Back

Supply Increase (shifts right)

Front

Ford makes the decision to close factories that produce the F-150 truck. How will this affect the supply of the F-150?

Back

Supply Decrease (shifts left)

Front

A wildfire destroys many acres of land. How will this affect the supply curve of wood for building at Home Depot stores?

Back

Supply Decrease (shifts left)

Front

The price of milk has increased. How will this affect the demand for cookies, a complimentary good?

Back

Demand Decrease (shifts left)

Front

A new type of harvesting technology is introduced for wheat production, making the process faster and cheaper for farmers. How will this affect the supply of wheat?

Back

Supply Increase (shifts right)

Front

A new government regulation requires factories to install expensive pollution-control equipment. How will this affect the supply of goods produced in a factory?

Back

Supply Decreases (shifts left)