Supply and Demand

Front

Supply is

Back

how much a producer (a business) is able and willing to make for sale to consumers.

Front

What does the law of demand say?

Back

Consumers will buy more of something when prices decrease.

Front

If the price of a good or service increases, what will happen to the demand for it?

Back

decrease

Front

Equilibrium is

Back

when the producer and the consumers agree on a price

Front

What is it called when there is not enough of a good to meet demand?

Back

shortage

Front

What does this curve represent? Options: demand, supply, equilibrium, shortage

Back

supply

Front

What does this curve represent? Options: supply, equilibrium, demand, surplus

Back

demand

Front

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?

Back

The price will go up.

Front

This graph represents...? Options: Changes in quantity demanded, Changes in quantity supplied, Changes in demand, Changes in supply

Back

Changes in demand

Front

This graph represents...? Options: Changes in quantity demanded, Changes in quantity supplied, Changes in demand, Changes in supply

Back

Changes in supply