Supply, Flow, & Consumer Rights

Match the following

• trade agreement

• Goods and services that are

  purchased and brought into the

  country.

• imports

• Goods and services that are purchased and go to a different country.

• exports

• Things you can buy.

• goods

• Jobs and/or things that people do for other people

• services

• Agreement between countries to trade.

how much you pay for a good or service

• tarrifs

• goods

• price

• demand

The law of demand states that if the price of CD’s rise, consumers will

• Buy more CDs
• Buy fewer CDs
• Quantity demanded will not change

The law of supply states that if the price of CD’s rise, suppliers will

• Supply more CDs
• Supply fewer CDs
• Quantity supplied will not change

Americans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer. What happens to the market for gasoline?

• Demand for gasoline will decrease 
• Demand for gasoline will increase
• Demand for gasoline will stay the same

Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?

• Demand for gasoline will decrease 
• Demand for gasoline will increase
• Demand for gasoline will stay the same

When the demand is high, and the supplyis low the ________of goods or services goes up.

• price

• goods

• service

• consumer

When people work for others; it is called a_______________, like a doctor or bus driver.

• goods

• consumer

• price

• service

What will happen to the price of corn if almost no rain falls on corn crops?

• The price will increase

• The price will decrease

Which of the following do households provide businesses?

• Labor
• Taxes
• Goods and Services
• Final Products