Supply Flashcard

Front

When Daniel's lemonade stand increases the price of a cup of lemonade, the quantity of lemonade he is willing to supply also increases. What economic law does this scenario illustrate?

Back

Law of Supply

Front

After paying for the lemons, sugar, and other costs, the money Mia has left is called what?

Back

Profit

Front

You are a fabulous baker. The price of flour (a key resource) decreases. What happens to the supply of your bread?

Back

Increases

Front

This month, the US announces new technology capabilities in producing the COVID vaccine. What happens to the supply?

Back

Increases

Front

What happens to supply of cookies in the market when Mr. Colin is unable to continue selling girl scout cookies?

Back

Decreases

Front

Oliver is the mayor of a small town. He is considering different government actions to stimulate the local economy. Which action can lead to an increase in supply? Options: Imposing a new tax, Providing a subsidy to local businesses, Acquiring a new natural resource, Increasing the factors of production

Back

Providing a subsidy to local businesses

Front

Benjamin, Oliver, and Grace are running a small business. Which government action can lead to a decrease in their supply?

Back

Imposing a tax on their products

Front

When Charlotte, Aria, and Arjun increase the price of their lemonade, they sell less. This is a direct or positive relationship with what law?

Back

Law of Demand

Front

Why is there a positive relationship between Supply and price?

Back

At higher prices, profit seeking firms(businesses) have an incentive to produce more.

Front

If there is currently a shortage in lumber (wood), what would happen to the supply of homes in the housing market?

Back

It would decrease