Question

3. If producers of Lightsabers made the exact number of lightsabers that consumers wanted ______________________ would be reached.

4. If Rory goes grocery shopping and instead of buying the name brand like Fruity Pebbles and Tostitos he buys Dyno-Bites and Santitas he chose to buy ___________ goods instead of ____________ goods.

5. If the materials to make KC Teleporters increase causing the price of the teleporters to increase as well, this would be an example of ______________.

6. If Amy refuses to take a job for less than $25 per hour, she has figured out what her ____________________ is.

8. Col. O'Neil needs to call tech support for his MacBook. When he does he gets a technician in India. This is known as __________________.

9. If Eleven and I bumped into each other and confused our box of Eggos with one another but never noticed a difference, they would be ______________.

10. Buffy eats one piece of pizza and is very happy. Her second piece makes her happy but not as much as the first. By the time she gets to the fifth piece she is no longer happy. This is an example of ___________________________.

12. Profits going up because you increase the amount you are producing, this is an example of ______________________________.

13. Daenerys quit paying ________________ to a _______________ to live in her apartment when she bought her house. She now pays a __________________ to a bank.

14. If you learned to do one task extremely well that would be your ________________.

15. Sheldon goes to buy the new iPhone 72, but can not find one. He then looks online to see if he can buy one there. He sees someone selling them for $2,000 each when they normally retail at $800. This is an example of __________________.

Answer 1

3. Demand

4. off-brand, name-brand

5. scarcity

6. incentive

8. globalization

9. elastic

10.  standardized utility fluctuation

12. productivity efficiency

13. money, real estate manager, loan

14. skill set

15. inflation

Answer 2

3 - Equilibrium: occurs when the supply for a good is exactly equal to the quantity demanded by the consumers.

4 substitute goods / name brand: substitute goods are those that have little difference in relation to the good usually demanded.

5- Cost inflation: it occurs when the final price of a good increases due to the increase in the cost of the inputs.

6- Unemployment: occurs when a person does not find work activity

8- internationalization of labor: it is a phenomenon that occurs in the context of technological globalization, when geographical barriers are no longer important and labor costs in distant countries may be lower.

9- Normal goods: goods that do not differ

10 - marginal efficiency: the concept of marginality suggests that a marginal value of goods decreases as consumption increases. The first piece of pizza has great marginal validity. As hunger decreases, the marginal value of each piece of pizza decreases for the consumer until it reaches zero when he will not eat more.

12- increased demand: if a firm has production facilities to increase production beyond the present, it can increase its profits by producing more.

13- rent / owner / financing

14- specialization: people tend to specialize in what they do well.

15 - shortage: by the law is supply and demand, when a good is scarce and its demand is high, the price tends to rise.