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Microeconomics
Speed Match Review Game

This game has been played 22 times
The best time ever was at 90 seconds.
The best time today is at seconds.
How To Play:
Drag the squares in the gray area and drop them in the matching squares in the blue area below.
If you drop a square in the correct spot, it will disappear.
If you make a mistake, the square will return to its original spot.
Good luck!

Let's Play Speed Match!

substitution effect
inferior good
market place
producer surplus
supply
giffen goods
consumer surplus
veblen goods
substitute goods
demand
PED elastic good
complimentary goods
PED inelastic good
income elastic good
cross elasticity of demand
production costs
speculative goods
income and substitution effect
law of diminishing returns
equilibrium price
price elasticity of supply
shift in supply
price elasticity of demand
unrelated goods
shift in demand
A good with negative income elasticity of demand
Where demand equals supply
Two goods with a XED > 0
A good where the demand is highly responsive to changes in income
The additional revenue gained when market price is greater than the minimum the business would be prepared to supply for the good or service for
The responsiveness of demand for one good in response to changes in the price of a different good
The quantity of goods and services that consumers are willing and able to purchase at a given time, at a given price, ceteris parabus.
The responsiveness of demand to changes in price
Super luxury goods
As a product falls in price then the good will be relatively cheap, compared to its substitutes
Super inferior goods
This can be described as the amount over and and above market price that a consumer is will and able to purchase a good or service.
Two goods with a XED = 0
A place where buyers and sellers meet
This can be described as the quantity of goods and services producers are willing and able to produce at a given time, at a given price, ceteris parabus.
The reason that price and quantity demanded are inversely linked is down to two factors
Supply is determined by
A good where the demand is highly responsive to changes in price
A good where the demand curve is unresponsive to changes in price
Two goods with a XED < 0
A law which states that the first unit of any good or service provides more enjoyment (utility) than any subsequent units consumed
The responsiveness of supply to changes in price
This is brought about by a change in the supply of the product brought about by a fall in production costs
Goods where many consumers purchase in the hope of gaining a profit if the price rises in the future
This is caused by a change in either the popularity of the product, a change in income etc

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Here are all the answers:

DescriptionMatch:
A place where buyers and sellers meetmarket place
This is caused by a change in either the popularity of the product, a change in income etcshift in demand
This can be described as the quantity of goods and services producers are willing and able to produce at a given time, at a given price, ceteris parabus.supply
This is brought about by a change in the supply of the product brought about by a fall in production costsshift in supply
The quantity of goods and services that consumers are willing and able to purchase at a given time, at a given price, ceteris parabus.demand
This can be described as the amount over and and above market price that a consumer is will and able to purchase a good or service.consumer surplus
The reason that price and quantity demanded are inversely linked is down to two factorsincome and substitution effect
Goods where many consumers purchase in the hope of gaining a profit if the price rises in the futurespeculative goods
Super luxury goodsveblen goods
Supply is determined byproduction costs
Super inferior goodsgiffen goods
As a product falls in price then the good will be relatively cheap, compared to its substitutessubstitution effect
Where demand equals supplyequilibrium price
A law which states that the first unit of any good or service provides more enjoyment (utility) than any subsequent units consumedlaw of diminishing returns
The additional revenue gained when market price is greater than the minimum the business would be prepared to supply for the good or service forproducer surplus
The responsiveness of demand to changes in priceprice elasticity of demand
The responsiveness of supply to changes in priceprice elasticity of supply
The responsiveness of demand for one good in response to changes in the price of a different goodcross elasticity of demand
A good where the demand is highly responsive to changes in pricePED elastic good
A good where the demand curve is unresponsive to changes in pricePED inelastic good
A good with negative income elasticity of demandinferior good
A good where the demand is highly responsive to changes in incomeincome elastic good
Two goods with a XED > 0substitute goods
Two goods with a XED < 0complimentary goods
Two goods with a XED = 0unrelated goods