APEX 3.1.1 and 3.1.3

The quantity of a good/service that a producer can and will sell for a certain price during a specific time.

• Demand

• Supply

• Equilibrium

• Fungibility

The price at which the quantity supplied and the quantity demanded are the same.

• Scarcity

• Surplus

• Supply Schedule

• Equilibrium Price

When supply is higher than demand.

• Shortage

• Scarcity

• Surplus

• Equilibrium

The different quantities of a good/service that buyers are willing to purchase at various prices during a specific time.

• Demand

• Supply

• Equilibrium

• Scarcity

When demand is greater than supply.

• Surplus

• Scarcity

• Equilibrium

• Fungibility

When consumers tend to buy more goods as their income and increases this is called what?

• Elasticity

• Fungibility

• Demand Curve

• Wealth Effect

The amount of flexibility in consumers' demand for a product.

• Elasticity

• Utility

• Exclusivity

• Fungibility

Goods that people tend to buy more of as their wealth increases are called what?

• Inferior

• Superior

• Normal

• Elastic

Which of the following is an example of an inferior good?

• Ramen Noodles

• Cars

• Jewelry

• Clothes

Goods that people tend to buy less of as their wealth increases are called what?

• Normal

• Superior

• Inferior

• Useful