Supply, Flow, & Consumer Rights

Front

how much you pay for a good or service

Back

price

Front

The law of demand states that if the price of CD’s rise, consumers will

Back

Buy fewer CDs

Front

The law of supply states that if the price of CD’s rise, suppliers will

Back

Supply more CDs

Front

What happens to the market for gasoline as Americans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer?

Back

Demand for gasoline will increase

Front

Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?

Back

Demand for gasoline will decrease

Front

When the demand is high, and the supply is low the ________ of goods or services goes up.

Back

price

Front

When people work for others; it is called a_______________, like a doctor or bus driver.

Back

service

Front

What will happen to the price of corn if almost no rain falls on corn crops?

Back

The price will increase

Front

Which of the following do households provide businesses? Labor, Taxes, Goods and Services, Final Products

Back

Labor

Front

What is an example of a service the government might provide households? Options: Post Office, Dry Cleaner, Food Delivery, None of these

Back

Post Office