1-4 Supply and Demand

Buying decisions are made by consumers, which include: (p.23)

Answer explanation

individuals 

businesses

government

 A person who buys and uses goods and services is called a _________.

• Consumer

• Producer

Individuals and organizations that determine what products and services will be available for sale are called ______.

• Consumers

• Producers

Consumers decide what to buy, where to buy, from whom to buy, and what price they are willing to pay.

• True

• False

They determine what products and services will be available in the economy, what needs and wants they will try to satisfy, and the prices they want to receive. (p. 23)

• Consumers

• Producers

• Bankers

• Communists

Producers invest resources and take risks in order to make a _____. (p. 23)

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

• Supply

• Supply curve

• Demand

• Demand Curve

The quantity of a good or service that consumers are willing and able to buy is called _____.

• Supply

• Supply curve

• Demand

• Demand Curve

If many consumers want (or demand) a particular good or service, prices tend to __________.

• decrease

• remain the same

• increase

The _______ _______ illustrates the relationship between the price of a product and the quantity businesses are willing to supply.

• Supply

• Supply curve

• Demand

• Demand Curve