POB Chapter 1.4 Review

A ___ is a person who buys and uses goods and services.

• producer

• customer

• entrepreneur

• consumer

_____ are individuals and organizations that determine what products and services will be available for sale.

• Entrepreneurs

• Producers

• Customers

• Consumers

T or F: Consumers' buying decisions have a tremendous influence on a market economy.

• false

• true

T or F: When consumers make decisions about what they will purchase, they determine the supply for goods and services.

• true

• false

____ is the quantity of a good or service that consumers are willing and able to buy.

• Demand

• Supply

• Capitalism

• Profit

____ is the quantity of a good or service that businesses are willing and able to provide.

• Demand

• Profit

• Capitalism

• Supply

Using the demand curve shown above, what would be the price for cotton shirts if the quantity sold is 9?

• 25

• 20

• 15

• 10

A ____ illustrates the relationship between the price of a product or service and the quantity demanded by consumers.

• supply chart

• supply curve

• demand curve

• demand chart

A ____ illustrates the relationship between the price of a product and the quantity that businesses are willing to supply.

• supply curve

• demand chart

• demand curve

• supply chart

Use the image to answer this question: How many items are going to be supplied if the unit price is $10?

• 50

• 100

• 150

• 200