BU 20 - 2.02 Basic Economic Concepts

If cell phones are limited in supply and the cost is a good & fair price the demand will

What do you call a person who starts a business?

The total amount of a specific good or service that is available to consumers

When there is too much supply, there is a...

When demand increases and supply stays the same, there is a...

When demand decreases and supply remains the same, there is a...

A consumer’s desire and willingness to pay a price for a specific good or service

When supply & demand meet on the chart this is ________?

If there is a low supply of ice cream bars and a high demand, then the price will  ___.

When there is not enough supply, it is called a...