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Economics intro: supply and demand revision Flashcards | StudBud
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Economics intro: supply and demand revision
Economics intro: supply and demand revision
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Supply, demand and price definitions and factors.
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Which of the following do we NEED the most?
Pets
Medicine
Microwave
Jet
2
When the price of shoelaces increases, the price of shoes will increase. This is an example of:
Factors affecting demand: price of complements
Factors affecting supply: cost of production
Factors affecting demand: income
Factors affecting supply: technology
3
True or false: when three new bike stores open in Swan Hill, the price of bikes is likely to go up.
True
False
4
Which of the following would be best described as a WANT?
Clothes
Water
iphone
Pizza
5
The price of nachos in the canteen goes up, so more students begin buying sandwiches. This is an example of:
A factor affecting supply and demand
A factor affecting supply
A factor affecting demand
I don't like nachos or sandwiches
6
A new tax on cheese increases the cost of supplying nachos. Which of these things is likely to happen?
I don't like nachos
Demand for nachos decreases
Price of nachos increases
Supply of nachos decreases
7
True or false: a WANT is something we can do without.
False
True
8
A cyclone wiping out banana crops in Queensland causes the price of bananas to increase. This is:
A factor affecting demand: tastes
A factor affecting supply: number of sellers
A factor affecting supply: weather
A factor affecting demand: number of buyers
9
Fifteen students want to buy nachos at the canteen and sixteen serves of nachos are available
Demand is less than supply
Demand is equal to supply
I don't like nachos
Demand is greater than supply
10
True or False: if demand for toilet paper goes up suddenly, the price of toilet paper will go down.
True
False