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Supply and Demand Flashcards | StudBud

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Supply and Demand

10 terms·StudBud Administration·71 plays

Supply and Demand Intro

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Questions 10

Answers

1
What might happen if the demand for a new type of sneaker began rising quickly?
The sneaker company would lower the price of the sneakers
The company that made them would begin making fewer sneakers
People would refuse to pay more money for the sneakers
The sneaker company would raise the price of the sneakers
2
________________is how much of something people want.
<p>BAater</p>
Trade
Demand
Supply
3
Who determines demand?
Sellers
Buyers
4
__________________is how much of something is available.
trade
demand
supply
barter
5
What is most likely to cause an increase in demand for a new type of automobile?
A commercial in which the car is endorsed by Lebron James
The price of the car going up
Chris Rock making fun of the car on TV
6
What is likely to happen if the price of a new pair of sneakers went up?
The store would begin offering sales on the sneakers
Demand for the sneakers would increase
It would be impossible to find a pair in stores
Demand for the sneakers would decrease
7
Who determines supply?
Buyers
sellers
8
Why do prices go down when consumers start saving their money?
Demand for currency goes up as people begin saving
Consumers don't want to spend money on goods and services
Manufacturers start producing fewer products
9
Which of these is neither a good nor a service?
A meal at a restaurant
A $20 bill
A gallon of gasoline
A piano lesson
10
One of the most basic concepts of economics is ___________ and ____________.
barter, trade
Supply, demand
import, export
buy,sell