Basics of Economics

When supply increases, demand also increases

Scarcity is the difference between demand and supply

Goods shipped out of a country and sold somewhere else.

What does a Recession show?

Barter

What is market economy?

Command Economy Meaning?

What happens when the Supply is low and the demand is high?

According to the textbook, which of the following is NOT a barrier to trade.

What is inflation?

True or False. Early civilizations often traded by bartering.

An economy based on custom.

Land, labor, capital, and entrepreneurship are types of

Equilibrium price is where the demand of a product/service is equal to the supply of a product/service.

The amount of something that a consumer wants to buy

The goods and services that a country buys from other countries.

What is the point when supply and demand are equal?

The amount of a good or service that a producer wants to sell

What happens when the supply is high and the demand is low?