Economics Demand Quiz

Front

Law of Demand: As prices increase, demand decreases.

Back

As prices decrease, demand increases.

Front

Demand in economics refers to the quantity of a good or service consumers are willing and able to buy at a specific price.

Back

It does not refer to the amount suppliers can provide, total production in a market, or government-set prices.

Front

Main goal of businesses providing goods/services?

Back

Satisfy needs and wants.

Front

Effect of finding a lower cost production source?

Back

Supply will increase.

Front

Changes a local business might make in poor economic times:

Back

Reduce prices, lay off staff, close locations.

Front

Ikea's motto

Back

Affordable Solutions for Better Living.