Unit 3 Vocabulary
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Social Studies
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12th Grade
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Practice Problem
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Medium
Wesley Hearne
Used 16+ times
FREE Resource
1 Slide • 24 Questions
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Multiple Choice
When a good’s price is lower, consumers will buy more of it. When the price is higher, consumers will buy less of it.
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Multiple Choice
A table that lists the quantity of a good that a person will purchase at various prices in a market.
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Multiple Choice
When the price increases on goods, or one’s income is less, consumers will cut back on their spending on those goods without increasing spending on other goods.
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Multiple Choice
A graphic representation of a demand schedule
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Multiple Choice
Shows the quantities demanded at various prices by ALL consumers in the market.
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Multiple Choice
A Latin phrase meaning “all things held constant” that is the assumption of demand when only the price has changed and all other factors are being held constant.
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Multiple Choice
Factors besides price that cause the demand for a good to change. These lead to shift in the demand.
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Multiple Choice
When a consumer reacts to a rise in the price of one good by consuming less of that good and more of a substitute good.
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Multiple Choice
Goods that consumers demand more of when their income increases.
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Multiple Choice
If you buy much less of a good after a small price increase
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Multiple Choice
Exists when the quantity supplied in a market is more than the quantity demanded.
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Multiple Choice
The amount of a good or service that is available.
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Multiple Choice
Goods that you would buy in smaller quantities, or not at all, if your income were to rise and you could afford something better.
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Multiple Choice
The desire to own something and the ability to pay for it
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Multiple Choice
Producers will offer more of a good or service as its price increases and less as its price falls.
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Multiple Choice
Goods that are used in place of one another
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Multiple Choice
If you buy the same amount or just a little less of a good after a large price increase
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Multiple Choice
Exists when the quantity demanded in a market is more than the quantity supplied
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Multiple Choice
A cost that does not change no matter how much of a good is produced.
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When fixed and variable costs are added together.
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Multiple Choice
Two goods that are bought and used together
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Multiple Choice
The point of balance at which the quantity demanded equals the quantity supplied. Where the market for a good is stable.
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Multiple Choice
Costs that rise or fall depending on the quantity produced.
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Multiple Choice
Occurs when quantity supplied is not equal to quantity demanded in a market.
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