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Supply and Demand Review Flashcards | StudBud

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Supply and Demand Review

10 terms·StudBud Administration·29 plays

Economics class #supplyanddemand

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Questions 10

Answers

1
A shortage exists when
there is more demand than supply
demand and supply are equal
there is more supply than demand
2
What is supply?
Water, land or labor
The good or service for sale
cost
profit
3
What can determine Demand?
changes in style and color
all of these
changes in income
changes in expectations of buyers
4
Producers want to sell at the highest price.
False
True
5
Consumers want to buy at the highest price.
True
False
6
What is Demand?
the desire to buy something cheap
the willingness to buy specific quantities of a good
just want to buy stuff
when you want to buy something that is too expensive
7
______________ is the amount consumers pay for a good or service.
cost
revenue
profit
price
8
A surplus exists when
supply and demand are equal
there is more demand than supply
there is more supply than demand
9
A market exists when____________.
something is demanded
nothing is exchanged
you barter for what you want
buyers and sellers exchange goods and services
10
When the price of a resource changes, the cost of the good or service changes.
False
True