Supply and Demand Terms

Question 1

The freedom to own property, to make a profit, and to make choices about what to produce, buy or sell.

Accepted Answer

Economic Freedom

Question 2

The cost to buy something or to operate a business. Ex. rent, wages, repairs and maintenance, utilities, and insurance.

Accepted Answer

Expenses

Question 3

The money used to build, run, or grow a business.

Accepted Answer

Capital

Question 4

Debts or obligations a person or company owes to someone else. Ex. Car payments or credit card bills.

Accepted Answer

Liabilities

Question 5

A resource with economic value that an individual, corporation, or country owns or controls that will provide benefits.

Accepted Answer

Asset

Question 6

The value of an asset minus what you owe on the asset, assets-liabilities=equity.

Accepted Answer

Equity

Question 7

The money a business has left over after paying all of its expenses.

Accepted Answer

Profit

Question 8

The point at which the supply and demand for a product is equal or balanced. There is neither a surplus nor a shortage.

Accepted Answer

Equilibrium

Question 9

The change in price of a product affects the demand for that product. Small price change=large change in demand.

Accepted Answer

Price Elasticity

Question 10

The amount of a good or service that producers are willing to sell at all possible market prices.

Accepted Answer

Supply

Question 11

The desire, willingness, and ability, to buy a good or service.

Accepted Answer

Demand

Question 12

The quantity or amount of a supply of a product is greater than the demand of the product; Extra inventory left over.

Accepted Answer

Surplus

Question 13

The 4 things needed to produce goods and services: natural resources, human resources, capital, and entrepreneurship.

Accepted Answer

Factors of Production

Question 14

Increasing the interest of consumers to increase the demand of a product- ex. advertising deals, coupons, etc.

Accepted Answer

Demand Stimulation

Question 15

The quantity or amount of a product demanded is greater than the supply of that product.

Accepted Answer

Shortage

Questions 15