Business Essentials Supply and Demand

A symbol or design that a company uses to identify its business and products

Give an example of a complementary good of an Xbox

Check all that are material goods.

• Clothing

• Cars

• Housing

• Oil changes

What is characterized by changes in conditions where supply and demand are out of balance?

• Market Price

• Market Disequilibrium

• Market Equilibrium

What term relates to the following definition?

the quantity of a good or service that consumers are willing to buy at a given price

• need

• demand

• want

• supply

A graph of the total quantity supplied of a good or service by all suppliers at various prices.

• market supply schedule

• supply curve

• market supply curve

• elasticity of supply

Which of the following is NOT an example of common psychological pricing?

• Comparitive

• BOGO

• Assertive

• Charm

What action do consumers take that determines what will be produced in a market economy?

• apply for jobs

• cast economic votes

• produce products

• comparison shop

In a socialist economic system, who tends to answer the question of how products will be produced?

• government and business

• government and individuals

• business and individuals

• traditional and government

A chart that lists how much of a good or service a suppler will offer at various prices.

• supply schedule

• variable

• market supply schedule

• supply curve