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BU20 - 2.0 Supply and Demand Flashcards | StudBud
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BU20 - 2.0 Supply and Demand
BU20 - 2.0 Supply and Demand
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supply and demand
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
What is the equilibrium price?
the highest price of a product
the lowest price of a product
the point where supply and demand meet
the price that is made up by the marketplace
2
Why is there competition in the marketplace?
because it makes the marketplace busy
because sellers compete to make a profit
because of the equilibrium price
because the government makes us pay taxes
3
Which of these items are in high demand?
clean water in 3rd world countries
jobs
oil
all of the above
4
What is profit motive?
when demand is high
when demand is low
people/businesses entering the marketplace hoping to profit
when the equilibrium price is right
5
The total amount of a specific good or service that is available to consumers
Shortage
Demand
Surplus
Supply
6
What does price dictate?
competition
profit motive
the products that are developed, made, improved & modified
consumers
7
What happens if the price of a product is
below
the equilibrium price?
the price is too low & more people will buy
it will mess up my supply & demand graph
the marketplace will shut down for the day
I will have to pay double for the product
8
If there is a low supply of ice cream bars and a high demand, then the price will ___.
stay the same
decrease
Increase
9
What is a supply and demand graph?
a visual representation of supply & demand
a way to judge competition in the marketplace
a way to gauge spending in the marketplace
an indicator of profit motive
10
Why would you want to use a supply and demand graph?
to learn about the economy
because I like to graph things
graphs are my life
to predict the performance of a product over time
11
What are the three components of a supply & demand graph?
demand curve, competition, supply curve
supply curve, equilibrium price, profit
supply curve, demand curve, equilibrium price
equilibrium price, profit, marketplace
12
What do you call a person who starts a business?
enterperner
consumer
aunterperner
entrepreneur
13
A consumer’s desire and willingness to pay a price for a specific good or service
Shortage
Supply
Demand
Surplus
14
What happens if a product is priced
above
the equilibrium price?
the marketplace will mellow out
there will be more competition
I can get a better deal if I use a coupon
the price is too high and fewer people will buy
15
If price is up, then demand is....
up
down
