unit 2 review

Front

When you buy a game system and games together, this is an example of which economic concept?

Back

Complements

Front

When you buy a PlayStation instead of an X-Box because the price of the PlayStation went up, this is an example of what?

Back

Substitutions

Front

_____ refers to the desire, willingness, and ability to buy a good or service.

Back

Demand

Front

____ is the struggle between buyers and sellers to get the best products at the lowest prices.

Back

Competition

Front

When a new producer of soap enters the market, and the supply curve shifts to the right, which determinant of supply shift is this an example of?

Back

Number of Sellers

Front

This graph demonstrates

Back

A higher market price after the shift of the Demand Curve

Front

The graph below is an example of a

Back

Supply Curve

Front

The graph represents: Demand or Supply?

Back

Demand

Front

Law of demand says if the price of pizza falls, the demand for pizza will what?

Back

Increase

Front

The Law of Supply states: as price increases, supply increases, as prices decrease, supply increases

Back

as price increases, supply increases