Demand Intro

Front

What is a market?

Back

Group of buyers and sellers of a particular good

Front

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

Back

Consumers

Front

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

Back

Producers

Front

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

Back

Demand

Front

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

Back

True

Front

Purchasing Power refers to

Back

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

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

Front

Which of the following is an example of the substitution effect?
Hot dogs and hot dog buns,
Mustard and ketchup,
Airpods and nearpod,
Apple iPhone and Samsung Galaxy

Back

Apple iPhone and Samsung Galaxy

Front

What is Economics?

Back

Study of Choices people make to satisfy their unlimited wants and needs

Front

A popular music artist campaigns against the use of plastic bags resulting in a

Back

decrease in demand for plastics