Economics: Supply an Demand

Flashcard
•
Social Studies
•
9th - 12th Grade
•
Hard
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18 questions
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1.
FLASHCARD QUESTION
Front
The law of demand argues that as prices rise
Back
the quantity demanded will fall
2.
FLASHCARD QUESTION
Front
The 'law of supply' suggests that
Back
price and quantity supplied are directly related
3.
FLASHCARD QUESTION
Front
This part of the market determines DEMAND: buyers, sellers, suppliers, store owners
Back
buyers
4.
FLASHCARD QUESTION
Front
This part of the market determines SUPPLY
Back
sellers
5.
FLASHCARD QUESTION
Front
What does this curve represent? Options: supply, equilibrium, demand, surplus
Back
demand
6.
FLASHCARD QUESTION
Front
The diagram represents a
Back
increase in demand
7.
FLASHCARD QUESTION
Front
What is the Equilibrium Price?
Back
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers.
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