Civics SOL Review CE12 Supply and Demand

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

• rise
• fall
• stay the same
• Consumer

When the demand for a product or service is higher than the supply this causes what?

• shortage
• consumer
• surplus
• equilibrium

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

• shortage
• supply
• price
• demand

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

An individual or group who purchases goods.

• producer
• consumer
• goods
• services

The point where supply and demand are balanced is?

• product
• demand
• surplus
• equilibrium

Olivia normally works after school on Mondays and Wednesdays. Which is her opportunity cost if she adds Tuesday and Thursday afternoons to her work schedule?

• The extra money she could earn

• The additional hours she spends at the job

• The new clothes she could buy

• The time she could spend studying

Which of the following is TRUE about economic circular flow between individuals, businesses, and the government?

• Individuals sell products to businesses to make a profit
• Private Financial Institutions tax individuals and businesses
• Money, goods, and resources flow continuously in the economy
• Businesses sell resources to individuals to make an income

Individuals sell __________ to businesses and in return individuals earn an __________.

• profit, income
• resources, products
• resources, income
• profit, individuals

Businesses sell __________ to individuals and in return businesses earn a __________.

• products, profit
• businesses, individuals
• resources, profit
• income, profit