Demand Intro

Demand Intro

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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20 questions

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1.

FLASHCARD QUESTION

Front

What is a market?

Back

Group of buyers and sellers of a particular good

2.

FLASHCARD QUESTION

Front

In a marketplace, who is responsible for determining the demand for a new smartphone model?

Back

Consumers

3.

FLASHCARD QUESTION

Front

In a local farmer's market, who determines the supply of vegetables?

Back

Producers

4.

FLASHCARD QUESTION

Front

The amount of a good or service that a consumer is willing and able to buy at various prices

Back

Demand

5.

FLASHCARD QUESTION

Front

The law of demand states that, the higher the price of a good, the less people will demand that good

Back

True

6.

FLASHCARD QUESTION

Front

Purchasing Power refers to

Back

The amount of income that consumers have to spend on goods and services

7.

FLASHCARD QUESTION

Front

What is it called when a person’s demand increases with an increase in income and decreases with a decrease in income? Options: Income Effect, Purchasing Parity, Purchasing Plague, Income Distribution Center

Back

Income Effect

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