Demand and Supply- EconMovies #4: Indiana Jones (Reupload)

Mr. Clifford introduces Econ Movies by exploring economic concepts in Indiana Jones. The video explains demand and supply, using pet snakes as an example to illustrate market dynamics. It covers the concepts of equilibrium, shortage, and surplus, and discusses how changes in related markets, like substitutes, affect demand and supply. The video concludes with a humorous nod to Indiana Jones' preferences.

What is the primary focus of the initial discussion in the video?

• The role of Indiana Jones as an economist

• The basic concepts of demand and supply

• The history of archaeology

• The importance of maps in economics

What happens to the demand for pet snakes when their price is very high?

• Demand increases significantly

• Demand remains unchanged

• Demand decreases

• Demand becomes unpredictable

What is the relationship between price and quantity demanded, as shown by the demand curve?

• Direct relationship

• Exponential relationship

• Inverse relationship

• No relationship

What is the term used when the quantity demanded equals the quantity supplied?

• Inflation

• Surplus

• Shortage

• Equilibrium

What occurs when the price of a substitute good, like pet monkeys, decreases?

• Demand for pet snakes increases

• Demand for pet snakes decreases

• Supply of pet snakes decreases

• Supply of pet snakes increases

How does a pest control problem affect the demand for pet snakes?

• Demand becomes erratic

• Demand remains unchanged

• Demand decreases

• Demand increases

What is Indiana Jones' preferred pet according to the video?

• A pet snake

• A pet monkey

• A pet dog

• A pet camel