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2 cards from this section. Quick, good the night before a test.
What is meant by effective demand?
Think about the difference between just wanting something and being able to purchase it.
Name one factor that affects demand.
Consider what might make someone decide to buy less of a product.
What happens to demand when the price of a good increases?
Remember how you react to price changes in everyday shopping.
True or False: Higher production costs lead to an increase in supply.
Think about the connection between costs and price settings.
Suppose the Government imposes a tax on luxury cars. Analyze the possible effects on supply and demand for these vehicles.
Consider how taxes influence both producer and consumer behaviors.
Consider a situation where consumer preferences shift significantly towards electric vehicles due to environmental concerns. Discuss the implications for traditional gasoline cars in terms of supply and demand.
Think about how shifting societal values impact market dynamics.
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