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Supply & Demand Flashcards | StudBud

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Supply & Demand

5 terms·StudBud Administration·160 plays

A review of introductory #economics #vocabulary.

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Questions 5

Answers

1
People or organizations that sell things in the market are:
Buyers
Consumers
Producers
Customers
2
People who buy things in a market are:
Suppliers
Consumers
Producers
Students
3
The law of ___ is the amount of things that you are willing/able to buy at a certain price
Equilibrium
Consumerism
Demand
Supply
4
Scarcity is:
selecting an item from a set of possible alternatives
the combining of resources to make things
the inability to satisfy all wants at the same time
using up goods and services
5
Supply is:
the inability to satisfy all wants at the same time
the amount of things producers could sell at a certain price
the highest valued alternative that is forgone
the amount of things you would buy at a certain price