Supply and Demand

What is a market?

• A market is a place where buyers and sellers can negotiate

• A market is a place where buyers and sellers can exchange goods and services

• A market is a supermarket

Examples of markets are.....

• Final, factor and commodities markets

• Factor, stock market and commodities market

• Final, commodities and virtual

Demand refers to

• the quantity of a product that buyers are willing to sell at a given price.

• the supply of a product that buyers are willing to purchase

• the quantity of a product that buyers are willing to purchase at a given price.

The law of demand states that

• as the price of a good or service increases, the quantity demanded will decrease and vice versa

• as the price of a good or service decreases, the quantity demanded will decrease and vice versa

• as the price of a good or service increases, the quantity demanded will increases and vice versa

On a demand curve, when price is high, demand is....

• low

• high

• average

• 0

List three factors that effect demand.....

When there is a decrease in demand the demand curve will shift to the _____________

• left

• right

• won't change

When there is a increase in demand the demand curve will shift to the _____________

• left

• right

• won't change

Give an example of a complementary good of an Xbox

Give an example of a substitute product for Nike runners