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BBI 1.4 & 1.5 Economic Resources & Supply and Demand Flashcards | StudBud
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BBI 1.4 & 1.5 Economic Resources & Supply and Demand
Price is on the x-axis on the supply and demand curve
The demand curve is downward sloping.
BBI 1.4 & 1.5 Economic Resources & Supply and Demand
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Answers
1
The demand curve is downward sloping.
False
True
2
Price is on the x-axis on the supply and demand curve
True
False
3
The term used to describe the reliance for goods and services provided by others for others
Dependency
Society
Interdependence
Economics
4
The price of goods and services would increase if there isn't enough of it.
False
True
5
Soil, iron, gold, and fish are examples of
Human Resources
Natural Resources
Factors of Production
Capital Resources
6
Which of the following is not a factor that affects the supply curve
Production costs
Technology
Future Expectations
Number of consumers
7
The supply curve represents...
The relationship between price and buyers
The willingness to sell at a certain price
The relationship between price and quantity
The willingness to buy at a certain price
8
The point where the quantity demanded is the same as quantity supplied is
Midpoint
Equilibrium
Equalization
Highpoint
9
Economic Resources are also known as...
Human Resources
Natural Resources
Capital Resources
Factors of Production
