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Vocab 1
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Vocab 2
Demand
Resume
Demand
Curves
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Vocab 1 - 10
Define Demand
Vocab 1 Answer 10
Desire, Willingness, and Ability to
acquire something
Vocab 1 - 20
What is the Law of Demand?
Vocab 1 Answer 20
Quantity demanded and price move
in opposite directions
(the higher the price of a product,
the less willing consumers are to buy
the product)
Vocab 1 - 30
Give two examples of Substitutes for
a good
Vocab 1 Answer 30
Possible examples:
Buying TastyOs instead of Cheerios
Buying a less known (but similar quality)
car instead of a Cadillac
Vocab 1 - 40
Define Demand Elasticity
Vocab 1 Answer 40
The extent to which a change in price
causes a change in the quantity
demanded
Vocab 1 - 50
Define Diminishing Marginal Utility
Vocab 1 Answer 50
Additional Satisfaction tends to
decrease as more of a product is
consumed
Changes in Demand- 10
List two changes in population that
affect demand.
Changes in Demand
Answer 10
Changes in:
Birth/death rate
Immigration/migration
Changes in Demand- 20
Why does a change in income
change demand?
Changes in Demand
Answer 20
When people make more money,
they have more money to spend
Changes in Demand- 30
How do changes in taste affect
demand?
Changes in Demand
Answer 30
Increasing/decreasing popularity of a
product affects demand.
(most of you arent too interested in
Elvis cassettes or a beanie baby)
Changes in Demand - 40
What is an example of changes in
expectations impacting demand?
Changes in Demand
Answer 40
Possible answers:
Improving technology in cars
Newer, bigger, faster, cooler cell phones
Xbox One >>>Xbox 360
Changes in Demand - 50
What other changes impact demand?
Changes in Demand
Answer 50
New Models
Item Recalls
Can also be affected by substitutes
and complements
Vocab 2 Question - 10
What is Market Demand?
Vocab 2 Answer 10
The total demand of all consumers
for a product or service
Vocab 2 Question- 20
Define Utility
Vocab 2 Answer 20
The pleasure, usefulness, or
satisfaction we get from using a
product
Vocab 2 Question - 30
Give two examples of Demand
Compliments
Vocab 2 Answer 30
Possible Examples:
Buying Peanut butter and jelly to go
along with bread
Buying ketchup and mustard to go along
with hotdogs
Other examples?
Vocab 2 Question - 40
What is a Demand curve?
Vocab 2 Answer 40
A graph of the relationship between
price and quantity demanded
Vocab 2 Question - 50
Define Inelastic Demand
Vocab 2 Answer 50
When price changes have little effect
on quantity demanded
Resume Question- 10
What does an objective/summary
statement say?
Resume Answer 10
The type of job youre looking for
AND employment goals
Resume Question- 20
What are three examples of extracurriculars that you can put on your
resume as a high schooler?
Resume Answer 20
Sports
Clubs
Awards or Honors
Resume Question- 30
What are two examples of skills that
you can add to your resume?
Resume Answer 30
Software skills
Foreign language skills
Other specific skilled/unusual abilities
Resume Question- 40
According to our notes, what is the
point of putting work experience on a
resume?
Resume Answer 40
It shows that you are RELIABLE
Resume Question- 50
What are the four items we
specifically went over for
name/contact information?
Resume Answer 50
Name
Address
Phone Number
E-mail (professional)
Demand Curves
Question- 10
What is the Y-axis of a demand
curve?
Demand Curves
Question- 20
What is the X-axis of a demand curve
Demand Curves
Question- 30
What happens when price drops on a
demand curve?
Demand Curves
Question- 40
Draw a demand curve. Then draw a
2nd curve when demand has
increased overall
Include necessary labels for price,
quantity, D, D1, and the direction
demand has shifted
Demand Curves
Question- 50
Draw and correctly label an elastic
demand curve and an inelastic
demand curve next to each other
Make sure to include price and
quantity on each graph