SupplyDemand Flashcard

Front

The point at which the supply and demand for a product intersect is referred to as:

Back

Equilibrium Price

Front

Changes in the price of a good or service can be caused by: Changes in Government Regulation, Demand Change, Store Cleanliness; Changes in Government Regulation, Demand Change, Supply Change; Changes in Government Regulation, Store Cleanliness, Supply Change; Demand Change, Store Cleanliness, Supply Change

Back

Changes in Government Regulation, Demand Change, Supply Change

Front

Which of the following summarizes the law of supply? When the sale price of a product is higher, suppliers will produce less of that product. Consumers follow trends. When the sale price of a product is lower, suppliers will produce less of that product. Producers want to provide the lowest price to consumers.

Back

When the sale price of a product is lower, suppliers will produce less of that product.

Front

Which of the following summarizes the law of demand?

Back

When the price of a product is lower, consumers will purchase more of that product.

Front

When a product's price rises, there will be:

Back

a decrease in demand for that product.

Front

Another name for free enterprise is:

Back

Capitalism

Front

The income effect on the demand of products is best explained by which of the following? A change in consumer income leading to a change in the quantity demanded. A change in consumer preferences leading to a change in the quantity demanded. A change in the price of related goods leading to a change in the quantity demanded. A change in the price of the product leading to a change in the quantity demanded.

Back

A change in consumer income leading to a change in the quantity demanded.

Front

Pencil and Pen: What is their relationship? (Options: Substitutes, Complements, Normal Good, Inferior Good)

Back

Substitutes

Front

Chips and Salsa

Back

Complements

Front

Car

Back

Normal Good