Economics SOL11,12,13

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

a person or company that makes, grows, or supplies goods to sell is called the?

• damand
• price
• producer
• shortage

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

When there is a shortage the price will usually? 

• rise
• fall
• remain the same
• equilibrium

What three entities make up the circular flow model?

• businesses, households, and the government
• Buyers, sellers, producers
• Local, state, and federal government
• President Obama, Katy Perry, Waka Flocka

What do businesses provide for consumers according to the circular flow model?

• goods and services
• only goods
• only services
• taxes