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Supply and Demand Quiz review Flashcards | StudBud
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Supply and Demand Quiz review
Supply and Demand Quiz review
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Supply and Demand GCSE
Flashcards
11 cards
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Practice quiz
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Questions
11
Answers
1
What is supply?
profit
cost
The good or service for sale
Water, land or labor
2
When the price of a resource changes, the cost of the good or service changes.
True
False
3
What is Demand?
when you want to buy something that is too expensive
the willingness to buy specific quantities of a good
the desire to buy something cheap
just want to buy stuff
4
______________ is the amount consumers pay for a good or service.
cost
profit
revenue
price
5
A market exists when____________.
something is demanded
buyers and sellers exchange goods and services
you barter for what you want
nothing is exchanged
6
Consumers want to buy at the highest price.
True
False
7
The law of demand is?
Prices fall, demand falls
Prices fall, demand rises
Prices rise, demand rises
Prices rise, demand falls
8
What is a determinant of Demand?
changes in style and color
all of these
changes in income
changes in expectations of buyers
9
Businesses buy or hire ________________.
products
material
people
resources
10
Producers want to sell at the highest price.
False
True
11
Having a strong pound is good for imports?
True
False
