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  5. Economics Study Guide Supply, Demand, And Circular Flow

Economics Study Guide Supply, Demand, and Circular Flow

Authored by Jamie Durrence

Social Studies

11th - 12th Grade

Used 4+ times

Economics Study Guide Supply, Demand, and Circular Flow
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41 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Point B is where revenue is received. What does it represent?

Product Market

Factor Market

Individuals

Businesses

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

What does point A show on the Circular flow diagram? (Where households spend money and businesses get revenue)

Households

Businesses

Factor Market

Product Market

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

What does point C show on the Circular Flow diagram? (Households earn income here)

Firm

Factor Market

Individual

Product Market

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

In the circular flow diagram below, which numbers show money exchanged for goods/services to consumers?

1 and 2

3 and 4

5 and 6

7 and 8

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If a price is above equilibrium, it creates a...

shortage

surplus

market price

demand

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If a price is below equilibrium, it creates a...

shortage

surplus 

market price 

supply

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

What does this curve show?

demand

supply

equilibrium

shortage

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