Supply and Demand Flashcard

Front

What determines the prices of the lemonade Liam sells?

Back

Supply and demand

Front

What exists when the number of cookies baked by Sophia is greater than the number of cookies the students want to buy?

Back

Surplus

Front

Nora's lemonade stand market equilibrium condition.

Back

Demand and supply quantities are equal

Front

The price at which fresh produce is bought and sold remains stable over time is called:

Back

Equilibrium price

Front

Kanye West's new shoe, the Yeezy Boost, sold out in stores. This is an example of:

Back

Shortage

Front

What happens to the price of apples when there is a surplus of apples?

Back

Price drops

Front

Price ceiling

Back

The maximum price allowed, set by the government

Front

What term is defined as: of, relating to, or made in one's own country?

Back

Domestic

Front

Anika is studying how countries manage their resources and wealth. She learns that this is defined as: an organized money system.

Back

Economy

Front

Ava's country has imposed a prohibition or restriction on trade with another nation due to political reasons. What is this action called?

Back

Embargo