Economics-week2-checkpoint

Economics-week2-chec - Event Market affected by event Shift in supply demand or both Explain your answer Change in equilibrium Frozen orange crops

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Event Market affected by event Shift in supply, demand, or both. Explain your answer. Change in equilibrium Frozen orange crops in California Orange juice Supply (left)—Not as many available oranges to offer consumers. Price will increase and quantity will decrease. Hurricanes in the Gulf Coast Oil Oil will not be provided from the gulf, until it is cleaned up and approved to drill again. Gas prices will go up from not drilling in the gulf. Bringing in oil from overseas is expensive. Cost of cotton decreases Clothing When cotton prices decrease more clothes can be made. When more products are made at a lower price, the product price to consumers will be lower. Technology improves efficiency in pasta manufacturing Pasta Technology improves; this could cause the price of pasta to go down. There can be more made. With there being more products the prices of pasta will be brought down.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
1. What do substitutes refer to in economics? Give an example of two substitutes. A substitute good is the good a consumer buys more of when another good becomes less
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 07/13/2011 for the course ECONOMICS 102 taught by Professor Hynes during the Spring '11 term at Kaplan University.

Page1 / 3

Economics-week2-chec - Event Market affected by event Shift in supply demand or both Explain your answer Change in equilibrium Frozen orange crops

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online