7th grade economics vocab

Front

Causes for automobile price decrease?

Back

A new automobile dealership opens in town.

Front

If a consumer knows a product will be on sale next week, how is CURRENT demand affected?

Back

it will go down

Front

In a market economy, who decides prices?

Back

buyers and sellers

Front

Lower price = greater quantity demand.

Back

True

Front

Law of demand: As price rises, quantity demanded...

Back

goes down

Front

Law of supply: As price rises, quantity supplied...

Back

goes up

Front

Type of offering:

Back

goods

Front

Does this picture show needs or wants?

Back

need

Front

What is a service?

Back

A job a person performs for someone else.

Front

What is a need?

Back

Something you must have to live.