Economics Quiz 1

A __________ is the result when supply meets the demand for a good or service

_________ is the desire or willingness of a consumer to purchase a good or service.

_________ is the cost for a producer to make a product.

Technological improvements that result in cheaper production cost will lead to ___________.

If the price of hotdogs increases, the demand for hotdog buns should __________.

A ____________ would be considered a job in the goods industry.

If consumers expect the price of a good will decrease in the future, this should lead to _____.

The law of demand says that an increase in price results in a __________.

If the price for cable TV increases, the demand for satellite TV should _________.

A ________ is a person that purchases a good or service

Goods that can replace one another are called __________.

High production cost for a good will lead to _________.

_________ is the amount of a good that is being sold at a specific price.

If a producer expects the value of their goods to be higher in the future, this may lead to __.

A ________ is a person that makes a good or provides a service

Goods that can be used together are called _________.

A new auto manufacturer has begun producing new cars. This should _________.

A _______ is the result when the supply exceeds the demand for a good or service.

The law of supply says that an increase in price results in a __________.

A ____________ would be considered a job in the service industry.

___________ is a social science that studies how a society's resources are shared.

An increase in a persons income can lead to _________.

_______ results when the supply of the product does not meet the demand for a good or service.