stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Supply and Demand Quiz review Flashcards | StudBud
Explore
/
Supply and Demand Quiz review
Supply and Demand Quiz review
10 terms
·
StudBud Administration
·
9,710 plays
Economics class
Flashcards
10 cards
F
Practice quiz
P
Host live
L
Questions
10
Answers
1
______________ is the amount consumers pay for a good or service.
price
cost
profit
revenue
2
Businesses buy or hire ________________.
material
products
resources
people
3
Governments buy _______, _________, ________, to produce certain goods and services.
goods, services, and concrete
cars, trains, and mail trucks
services, technology, and food
goods, service, and resources
4
A market exists when____________.
something is demanded
nothing is exchanged
buyers and sellers exchange goods and services
you barter for what you want
5
What is supply?
profit
The good or service for sale
cost
Water, land or labor
6
What is Demand?
the willingness to buy specific quantities of a good
just want to buy stuff
when you want to buy something that is too expensive
the desire to buy something cheap
7
Consumers want to buy at the highest price.
True
False
8
What is a determinant of Demand?
changes in income
changes in style and color
changes in expectations of buyers
all of these
9
Producers want to sell at the highest price.
True
False
10
When the price of a resource changes, the cost of the good or service changes.
False
True
