We the Economy Ch 1 Flashcard

Front

Something we pay for that we can touch

Back

goods

Front

Which of these provides a service?
Pumpkins, Mailman, Turtles, Cars

Back

Mailman

Front

An individual or group who purchases goods.

Back

consumer

Front

Which of these is a good?
Options: Librarian, Teacher, Computer, Mechanic

Back

Computer

Front

A consumer is

Back

Someone who buys goods and services

Front

The amount of goods or services available is called?

Back

supply

Front

The market equilibrium price is the price at which

Back

the quantity demanded is the same as the quantity supplied

Front

How much people want something

Back

demand

Front

What is the Equilibrium Price?

Back

The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers.

Front

When there is a shortage the price will usually?

Back

rise