
Unit 1 Microeconomics
Flashcard
•
Social Studies
•
5th Grade
•
Practice Problem
•
Hard
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28 questions
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1.
FLASHCARD QUESTION
Front
What is demand?
Back
A consumer's desire to purchase goods and services and willingness to pay a specific price for them.
2.
FLASHCARD QUESTION
Front
What is the law of demand?
Back
When the price of a product goes up, the quantity demanded will go down. When the price of a product goes down, the quantity demanded will go up.
3.
FLASHCARD QUESTION
Front
What is the law of supply?
Back
Producers will supply more of a good or service at a higher price, producers will supply less of a good or service at a lower price.
4.
FLASHCARD QUESTION
Front
What are the determinants of demand?
Back
Change in income, taste and fads, population, and price of a substitute.
5.
FLASHCARD QUESTION
Front
What is supply?
Back
The number of products that a producer or seller is willing and able to provide to buyers.
6.
FLASHCARD QUESTION
Front
What is a consumer?
Back
People who buy or use goods and services to satisfy their wants or needs.
7.
FLASHCARD QUESTION
Front
What is a producer?
Back
Someone who creates and supplies goods or services.
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