Supply and Demand

Front

The amount of goods or services available is called? Options: supply, demand, producer, consumer

Back

supply

Front

An individual or group who purchases goods.

Back

consumer

Front

When there is a shortage, the price will usually?

Back

rise

Front

Demand is the desire and the __________ to buy a product or service

Back

ability

Front

When the price of a good increases, the quantity demanded

Back

decreases

Front

The Law of Demand is...

Back

As prices go up, people will buy less of a good.

Front

The law of supply is..

Back

As prices go up, people will want to make more of a good.

Front

Pepsi and Coke are an example of...

Back

Substitute goods

Front

Peanut butter and jelly are an example of...

Back

Complementary goods

Front

True or false: Revenue is the profit a company makes.

Back

False