Rafferty Economics 2016

When the supply of a product or service goes up and the demand stays the same the price will usually do what?

• rise
• fall
• stay the same

a person or company that makes, grows, or supplies goods to sell is called the?

• demand
• producer
• consumer

The desire or willingness a consumer has to purchase a good or a service is called?

• supply
• price
• demand

An individual or group who purchases goods.

• producer
• consumer
• goods

The point where supply and demand are balanced is?

• surplus
• demand
• equilibrium

When there is a shortage the price will usually?

• rise
• fall
• stay the same

In this type of economy people may do things the way they have for generations.

• command
• traditional
• mixed

 In this economy government takes care of peoples needs and the private companies provide their wants.

• command
• mixed
• market

In this economy government controls everything

• command
• traditional
• market

How much of a good or service a producer is willing and able to produce at different prices.

• demand
• price
• supply