Unit 3 - E.1.4 - Demand, Supply, Prices (Equilibrium)

Front

The desire to have some good or service and the ability to pay for it

Back

demand

Front

Which of these best describes the law of demand?

Back

if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

Front

A change in the price of a good causes people to buy more or less of an item. This best describes the concept of

Back

change in quantity demanded

Front

The quantity demanded of a good or service changes at all price levels best describes the concept of

Back

change in demand

Front

Which of these shows a decrease in the quantity demanded?

Back

Front

The diagram represents a

Back

increase in demand

Front

If the price of Frozen Yogurt increased then the demand for ice cream will

Back

increase

Front

The downward slope of a demand curve

Back

represents the law of demand

Front

The phrase "a change in demand" most directly implies a

Back

shift in the demand curve

Front

When the price of good A rises, people start to drink good B. In this case, what is good B considered?

Back

substitute good