econ - supply and demand quiz

name all the supply factors

change in technology
change in production costs
change in taxation (EXCEPT income tax)
change in weather
change in producer expectations
change in number or producers
change in level of competition
joint supply
competitive supply

name all the demand factors

change in tastes
change in disposable income
complementary/joint demand
derived demand
price of a substitute good
change in relative prices
change in consumer expectations
new goods replacing old
change in population

is change in technology supply or demand

supply

is change in production costs supply or demand

supply

is change in taxation supply or demand

supply unless it’s income tax

is change in weather supply or demand

supply

change in producer expectations

supply
when the event has not happened yet but producers are predicting that it will change supply

change in number of producers

supply
more producers ENTER the game

change in level of competition

supply
producers LEAVE the game

joint supply

supply
goods are produced together, so they change with each other, like beef and hides for leather

competitive supply

supply
if production of one good increases, production of the other decreases
for example: if we make more hardwood floors, then we make less carpets because hardwood floors are what the people want

change in tastes

demand

change in disposable income

demand
income tax is included in this!

complementary or joint demand

demand
goods are used together, you can’t have one without the other
examples: ice cream and cones, nachos and cheese, pizza and iced tea

derived demand

demand
demand for labour, machinery, parts or raw materials depends on the demand for the final goods
example: cars and windshields

price of a substitute good

demand
talking about dealing with 2 different items that can substitute each other

change in relative prices

demand
deals with same product, different brands

change in consumer expectations

demand
event hasn’t happened yet, but consumers’ predictions about it will change how much they demand it

new goods replacing old

demand

change in population

demand