Supply & Demand Key Terms

A "Demand" is:

• The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period
• The quantity of a good or service that buyers are ready to buy at a given price at a particular time
• Items that can be used in place of others; items that satisfy the same needs/wants; similar goods.

"A form of demand in which changes in price do not affect demand" is known as:

• Elastic Demand
• Inelastic Demand
• Supply
• Demand

"Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service" is known as the:

• Law of Supply
• Law of Economics
• Law of Demand
• Law of Supply & Demand

"Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price" is known as the:

• Law of Supply
• Law of Economics
• Law of Demand
• Law of Supply & Demand

"The quantity of a good or service that buyers are ready to buy at a given price at a particular time" is known as:

• Elastic Demand
• Inelastic Demand
• Supply
• Demand

"Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low" is known as the:

• Law of Supply
• Law of Economics
• Law of Demand
• Law of Supply & Demand

"A form of demand for products in which changes in price correspond to changes in demand" is known as:

• Elastic Demand
• Inelastic Demand
• Supply
• Demand

"The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period" is known as:

• Elastic Demand
• Inelastic Demand
• Supply
• Demand

The best time for producers to sell their product (characterized by large demand, small supply, and high prices) is during a

• Buyer's Market
• Seller's Market
• Equilibrium Market

The best time for consumers to buy a product/service (characterized by large supply, small demand, and low prices) is during a

• Buyer's Market
• Seller's Market
• Equilibrium Market