When demand is greater than supply

shortages will occur and the price of a product may rise.

Prices are important in markets because

prices act as signals to buyers/sellers.

A mixed economy is defined as

when a free market is has some input from the government.

Goods are best described as

items that are bought and sold.

The difference between the law of supply and the law of demand is:

the reaction to a change in the price of a product.

The law of demand states

when the price of a product rises, demand will fall.

If supply is greater than demand then

then a surplus of products will exist, and prices may fall.

A market is best described as

The organised exchange of goods and services.

written guarantee to repair or replace faulty goods.

For consumer purchases, acceptable quality means that the product is

safe to use, relatively durable and acceptable to the buyer.

Markets may not always provide all types of goods and services because

it may not be profitable for sellers to provide them.

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Year 8 Business and Economics

17 termsStudBud Administration534 plays

This is a revision quiz of the key words and their meaning.

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Questions 17

Answers

1
Which of the following is a market force?
Retail
price
supply
Power stations
2
Which of the following is a market force?
demand
producers
enterprise
consumers
3
Consumers demand fewer bananas when
are out of season.
prices remain the same.
prices fall.
prices rise.
4
When demand is greater than supply
there is a surplus of goods.
there are too many producers.
there is a shortage of consumers.
shortages will occur and the price of a product may rise.
5
Prices are important in markets because
consumers will go online to shop.
prices act as signals to buyers/sellers.
more jobs are created.
producers can charge more money.
6
Which of the following is not a factor of production
Capital
lemonade stand
Labour
Land
7
A mixed economy is defined as
both goods and services are produced.
when a free market is has some input from the government.
there is a mix of markets working together
8
Goods are best described as
items that are desired by buyers.
items that are bought and sold.
a task that is performed by another person for profit.
9
The difference between the law of supply and the law of demand is:
the amount of deficit incurred by the buyer.
the amount of surplus of goods available.
the reaction to a change in the price of a product.
the size of consumers compared with that of producers.
10
The law of demand states
opposites attract
when the price of a product rises, demand will fall.
that the price of a good has an inverse relationship.
if anything can go wrong it will go wrong.
11
If supply is greater than demand then
there are too many consumers.
then a surplus of products will exist, and prices may fall.
there is a deficit of products and prices rise.
there is market equilibrium.
12
A market is best described as
The organised exchange of goods and services.
a place were people can view goods and haggle over prices.
a place where animals are sold.
13
A warranty is a
written guarantee to repair or replace faulty goods.
a written guarantee to discount prices.
a verbal guarantee to repair faulty goods.
a verbal agreement to protect the consumer.
14
A manufacturer’s warranty will cover
any defects in the product.
the legal rights of consumers.
the legal rights of manufacturers.
the loss of profit incurred by the retailer.
15
For consumer purchases, acceptable quality means that the product is
It is cheaper in price than rival competitors.
It will be refunded if damaged.
safe to use, relatively durable and acceptable to the buyer.
it has a lovely finish and is easy to use.
16
Australian Consumer Law protects consumers by providing
a weekly price update of the market.
regular discounts on goods and services.
the Consumer Protection division of goods and services.
a consumer guarantee.
17
Markets may not always provide all types of goods and services because
it may not be profitable for sellers to provide them.
markets operate competitively and fairly.
goods can be seasonal.
of the factors of production.

Year 8 Business and Economics Flashcards | StudBud