stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Test 2 Supply/demand/price Flashcards | StudBud
Explore
/
Test 2 Supply/demand/price
Why would the demand for items change?
What is food security?
Test 2 Supply/demand/price
27 terms
·
StudBud Administration
·
620 plays
Review
Flashcards
27 cards
F
Practice quiz
P
Host live
L
Questions
27
Answers
1
What is food security?
All the food you need is provided you
All the food you want
Enough food to support a healthy life
2
Why would the demand for items change?
desire, income, want
taste, supply, desire
income,supply, taste
3
A balanced market is created when what happens?
When consumer wants and production meet or are equal
When demand is equal to what is wanted
When supply is equal to what can be produced
4
The term that means there is more available than wanted
Variable supply
balanced supply
excess supply
5
Who determines supply?
Buyers
Sellers
6
When supply increases, demand also increases
True
False
7
What group has
three
items that would cause a change in price?
demand, cost, time of year
demand, cost, supply
supply, quantity, time of year
8
Which has
three
of the four items that would cause a shift in the demand curve?
change in population, cost, supply
income, change in population, change in locatio
cost, income, change in taste
9
What factors would cause a shift in the demand curve? Pick all that apply
Supply
Taste preference
Income
Willingness to pay
10
What term would mean when supply and demand are NOT equal?
disequilibrium
equilibrium
excess
11
What term or terms would be associated with the cost to produce one more of something?
Excess demand
Equilibrium
Law of demand
Marginal cost
12
Which is not a type of supply?
Components and supplies
Accessories
Capital items
Employees
13
What term means a cost that would change depending on production
variable cost
Fixed cost
movable cost
14
A cost that does not chnage.
marginal expense
marginal cost
fixed cost
fixed expense
15
What term would mean when supply and demand are NOT equal
excess
equilibrium
disequilibrium
16
What is subsitution?
When only one object is exceptable
Replacing one item with a like item
Having two different items
When there is a choice to make based off of price.
17
What is the term used to describe when a desire and ability to have something?
marginal cost
law of demand
equilibrium
fixed demand
18
What factors would cause a shift the in the demand curve?
income, taste preference, willingness to pay
Style, cost, income
income, willingness to pay, style
19
When more is wanted than can be provided.
excess demand
law of demand
marginal demand
excess supply
20
Who determines demand?
Buyers
Sellers
21
What is the role of pricing?
Price can change both supply and demand
Price changes demand
Price changes supply
22
What does a Demand Curve Look Like?
Horizontal line
Slope Down from Left to Right
Slope Up from Left to Right
Slope Down from right to left
23
How is pricing determined?
By the consumer
By both the consumer and the producer
By the producer
24
What term is used to describe a balance between supply and demand?
Excess demand
Equilibrium
Fixed cost
law of Demand
25
The term that is used to describe when the market wants something that is not supplied.
law of demand
fixed supply
supply
demand
26
What is the role of pricing
Price changes demand
Price can change both supply and demand
Price changes supply
27
What is a supply?
Getting a box and make a store
How much there is in a shop
People giving away
How much people want
