Supply and Demand

Front

What determines the prices of goods and services?

Back

Supply and demand

Front

What exists when quantity supplied is greater than quantity demanded?

Back

Surplus

Front

When is a market said to be in equilibrium?

Back

When the demand and supply quantities are equal.

Front

The price at which a good is bought and sold in a market equilibrium is called

Back

equilibrium price

Front

Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of...

Back

shortage

Front

What happens to price when the market has a surplus?

Back

price drops

Front

What is the price ceiling?

Back

The maximum price allowed set by the government

Front

Defined as : of, relating to or made in one's own country.

Back

domestic

Front

Defined as: an organized money system.

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economy

Front

Defined as: a prohibition or restriction, usually of trade

Back

embargo