Duplicate of CRASH COURSE: ECON #4: Supply and Demand

Markets are very good at allocating scarce resources in what manner?

When buyers and sellers willingly decide to make a transaction (nobody forces them)

Which direction does a demand curve slope?

Every dollar spent signals two things to producers. What are they?

What is information markets give that guides buyers and sellers on their buying and selling?

What is "When the price goes up, people buy less; when the price goes down, people buy more."?

If the price of an item is low, there is likely to be what economic condition?

What direction does a supply curve slope?

If the price of an item is low, there is likely to be what economic condition?

Price at the quantity buyers want to buy is exactly equal to the quantity sellers want to sell

If the price of an item is high, there is likely to be what economic condition?

If the price of an item is high, there is likely to be what economic condition?