Unit 4: Supply and Demand
Supply and Demand Review
Socrative Room :CACB0OJE
1. What is a price ceiling?
2. Where does a price floor have an effect?
3. What is the difference between a change
in demand and a change in quantity
4. What ha
Floors and Ceilings
Who likes the idea of having a price ceiling on
gas so prices will never go over $1 per gallon?
Maximum legal price a seller can charge for a product.
Goal: Make affordable by keeping pr
Unit 1: Basic Economic
Utility = Satisfaction!
Marginal = Additional!
Allocate = Distribute!
Scarcity vs. Shortages
Scarcity occurs at all times for all goods.
Shortages occur when producers will not or ca
Supply and Demand
Putting Supply and Demand Together!
Supply and Demand are put together to determine
equilibrium price and equilibrium quantity
Supply and Demand ~ The
Pearls from the island of Bali are valued all over the world. Buyers and sellers meet weekly at the
pearl exchange here in room 1-311. During the 5 minute long trading session, half the clas
CHAPTER VI CONGRESS
1. Assume that Maria Lopez is a member of the U. S. House of Representatives from the Fifth
Congressional District in Georgia. During an interview conducted by college students seeking extra credit
in an American Gove
1. Which of the following is NOT one of the purposes of the American government as articulated in the Preamble to
the United States Constitution?
To establish justice.
To promote the general welfare.
To provide for border secu
AP Macro Unit 1: Basic Economic Concepts
Problem Set #1
Complete each of the following tasks with SHORT paragraphs:
A. Explain the relationship between scarcity, choices, and trade-offs (_/5)
Unit 1: Basic
Scarcity Means There Is Not Enough For
Government must step in to help allocate (distribute)
ACDC Leadership 2015
Scarcity Bus Ride
A group of 40 college students get on a bus to g
Unit 3: CPI Webquest
Please complete the following webquest. Once you have finished please submit to the Unit 3: CPI
Part #1: Answer the following questions using this Web site:
1. List five goods and s
The Scarcity Shortage
In a world of knockoffs, scarcity is in short supply. Bank on it.
From: Issue 77 | December 2003 | Page 121 | By: Seth Godin
What's worth more: a pile of gold or a pile of salt? Throughout history, many people have chosen
the salt. G
The news media are full of stories about the unemployment rate. Is it rising? Is it
falling? This lesson will help you understand how this important economic statistic
is calculated. Other statistics related to labo