Economics Review

Question 1

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

Accepted Answer

Surplus

Question 2

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

Accepted Answer

Scarcity

Question 3

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

Accepted Answer

Shortage

Question 4

One who buys goods/services or uses resources

Accepted Answer

Consumer

Question 5

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

Accepted Answer

Law of Demand

Question 6

This is an example of a ____________ curve.

Accepted Answer

Supply

Question 7

This is an example of a ____________ curve.

Accepted Answer

Demand

Question 8

On a supply and demand graph, quantity goes on the _____ axis.

Accepted Answer

X

Question 9

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

Accepted Answer

Law of Supply

Question 10

On a supply/demand graph, price goes on the ______ axis.

Accepted Answer

Y

Question 11

Quantity Supplied=Quantity Demanded

Accepted Answer

Equilibrium Quantity

Question 12

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

Accepted Answer

Equilibrium Price

Question 13

One who creates and supplies goods and services

Accepted Answer

Producer

Question 14

Amount of goods and services available for sale.

Accepted Answer

Supply

Question 15

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

Accepted Answer

Demand

Questions 15