Eco Terms

What determines the prices of goods and services?

• Supply

• Demand

• Supply and demand

• Goods

What exists when quantity supplied is greater than quantity demanded?

• Surplus

• Shortage

• Overflow

• Mass outrage

A market is said to be in equilibrium when

• when demand is higher than the supply

• when demand is lower than the supply

• when the demand and supply quantities are equal

• when the supply is doubled the demand

the price at which a good is bought and sold in a market equilibrium is called

• retail price

• equilibrium price

• discount price

• base price

Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of...

• shortage

• surplus

• equilibrium

• supply

What happens to price when the market has a surplus

• price drops

• price stays the same

• price increases

• price triples

What is the price ceiling?

• The minimum price allowed set by the government

• The maximum price allowed set by the government

• The highest price on the market

• An overhead interior surface

Defined as : of, relating to or made in one's own country.

• embargo

• service

• domestic

• tariff

Defined as: an organized money system.

• service

• economy

• trade

• tariff

Defined as: a prohibition or restriction, usually of trade

• quota

• import

• embargo

• tariff