Civics SOL Review CE12 Supply and Demand

Front

When the supply of a product or service goes up and the demand stays the same, the price will typically do what?

Back

fall

Front

When the demand for a product or service is higher than the supply, this causes what?

Back

shortage

Front

The desire or willingness a consumer has to purchase a good or a service is called?

Back

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

The point where supply and demand are balanced is?

Back

equilibrium

Front

Olivia normally works after school on Mondays and Wednesdays. Which is her opportunity cost if she adds Tuesday and Thursday afternoons to her work schedule?

Back

The time she could spend studying

Front

What is TRUE about economic circular flow between individuals, businesses, and the government?

Back

Money, goods, and resources flow continuously in the economy

Front

What do individuals sell to businesses and what do they earn in return?

Back

resources, income

Front

Businesses sell __________ to individuals and in return businesses earn a __________.

Back

products, profit