Economics - Supply and Demand

Question 1

Quantity Supplied=Quantity Demanded

Accepted Answer

Equilibrium Quantity

Question 2

As price decreases, demand increases; as price increases, demand decreases.

Accepted Answer

Law of Demand

Question 3

The amount of goods and services that people are willing and able to buy.

Accepted Answer

Demand

Question 4

Amount of supply for which there is no demand; there is extra

Accepted Answer

Surplus

Question 5

Price at which all that is supplied will be demanded; supply=demand

Accepted Answer

Equilibrium Price

Question 6

Amount of supply for which there is demand that cannot be filled; not enough

Accepted Answer

Shortage

Question 7

Not enough of something to meet everyone's wants and needs

Accepted Answer

Scarcity

Question 8

One who buys goods/services or uses resources

Accepted Answer

Consumer

Question 9

One who creates and supplies goods and services

Accepted Answer

Producer

Question 10

This is an example of a ____________ curve.

Accepted Answer

Supply

Question 11

Amount of goods and services available for sale.

Accepted Answer

Supply

Question 12

This is an example of a ____________ curve.

Accepted Answer

Demand

Question 13

Price increases, quantity supplied increases; as price decreases, quantity supplied decreases

Accepted Answer

Law of Supply

Questions 13