Supply & Demand Review

The study of how society uses its limited resources, and deals with the production, distribution, and consumption of goods and services.

• Economy

• Economics

• Supply

• Demand

A person's desire or willingness to purchase a good or service is what?

• Supply

• Demand

• quantity

• Shortage

The total amount of eggs a farmenr has to sell could be called the farmer's what ?

• price of eggs

• supply of eggs

• shortage of eggs

• demand of eggs

When the egg farmer has more eggs than he can sell he has what situation?

• demand

• supply

• A shortage

• A surplus

Producers of goods try to make products in the same amount/quanitity as those same products are demanded. They are trying to reach what?

• Supply

• Surplus

• Equilibrum

• Demand

Some goods are made to be used in the making of other goods. One example of these intermediate goods would include,

• cars

• buildings

• cell phones

• Steel

Land, buildings and equipment are examples of what?

• Natural resources

• Capital Resources

• Human Resources

You go to the store to buy your favorite cakemix to make a Valentine's Day cake, but all of the boxes are gone. If you choose another less favorite cakemixes, what have you selected?

• A complimentary

  good .

• A subsitute good.

• A scarce good.

If you buy a good like an iPod, you will need other goods to make it useful such as earbuds and a charger. These other goods are called what?

• Consumption

• Substitute goods.

• Complimentary goods.

When the supply available is equal to the quantity demanded it is said that the market is what?

• At equilibrium.

• At peace.

• At a shortage.

• At a surplus.