What happens when supply and demand are about equal for a good orr service?

The company will make the price so they can profit.

Supply refers to . . .

The amount of goods a business has

amount of want or willingness to buy a good or service

Money paid to government for goods and services.

studbud

Biz Town Economic Vocabulary

15 termsStudBud Administration669 plays

Student terms to understand the production, selling, and buying of goods and services.

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
What term of the US Constitution goes most with economics?
Civil
Responsibility
cooperation
preamble
2
What happens when supply is low but demand is high?
The price is unchange.
The price goes down.
The price goes up.
The price is a nickel.
3
What part of the word specialization tells you it is about a particular focus or skill?
Cial
Za
Tion
Speci
4
Which are natural resources?
Joe and Jenny
Wood and air
Chairs and buildings
iPads and bananas
5
Work done for others for a payment
Services
Goods
Supply
Demand
6
What happens when supply and demand are about equal for a good orr service?
The company will lower the price a lot.
The company will make a clearance special.
The company will raise the price a lot.
The company will make the price so they can profit.
7
Supply refers to . . .
The amount of people a business has
The amount of materials a business has
The amount of profit a business has
The amount of goods a business has
8
When you work at BizTown, you will be a _____________.
Human Resource
Entrepreneur
Natural resource
Capital resource
9
System where economic decisions are made by people/businesses with little government direction.
Service
Scarcity
Free Enterprise
Specialization
10
What are examples of capital resources?
Buildings and guards
Secretaries and bosses
Chairs and buildings
Water and chairs
11
Things people buy and use. . .
Demand
Supply
Services
Goods
12
What is demand?
Singing about a product
amount of want or willingness to buy a good or service
The way a two year old acts about going to bed
Yelling
13
What happens when supply is high but demand is low?
The price stays the same.
The price goes up.
The price goes down.
The price is a penny.
14
What are taxes?
Money paid to government for goods and services.
Money donated to the government because of profits.
Money earned from the government for goods and services.
Money paid for a company for to get their services.
15
Kroger and other stores are out of Elmers glue due to slime making. There is a_______ of glue.
Civic virtue
Scarcity
Responsibly
Human resource

Biz Town Economic Vocabulary Flashcards | StudBud