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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

(Conversely, when people have less


money, they have less to spend,
likely spending most on NEEDS)

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 Answer 10


Price $$$$

Demand Curves
Question- 20
What is the X-axis of a demand curve

Demand Curves Answer 20


Quantity demanded

Demand Curves
Question- 30
What happens when price drops on a
demand curve?

Demand Curves Answer 30


Quantity demanded increases

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 Answer 40

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

Demand Curves Answer 50

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