English Vocabulary for Supply and Demand

What is the definition of supply?

• The quantity of a good or service that producers are willing and able to sell at a given price

• The quantity of a good or service that consumers are willing and able to buy at a given price

• The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers

• The price at which the quantity of a good or service demanded by consumers exceeds the quantity supplied by producers

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

What is the definition of demand?

• The quantity of a good or service that producers are willing and able to sell at a given price

• The quantity of a good or service that consumers are willing and able to buy at a given price

• The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers

• The price at which the quantity of a good or service demanded by consumers exceeds the quantity supplied by producers

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

What happens to the equilibrium price and quantity when demand increases and supply decreases?

• Equilibrium price increases and equilibrium quantity decreases

• Equilibrium price decreases and equilibrium quantity increases

• Equilibrium price increases and equilibrium quantity increases

• Equilibrium price decreases and equilibrium quantity decreases

What happens to the equilibrium price and quantity when demand decreases and supply increases?

• Equilibrium price increases and equilibrium quantity decreases

• Equilibrium price decreases and equilibrium quantity increases

• Equilibrium price increases and equilibrium quantity increases

• Equilibrium price decreases and equilibrium quantity decreases

What is a surplus?

• A situation in which the quantity of a good or service demanded by consumers exceeds the quantity supplied by producers

• A situation in which the quantity of a good or service supplied by producers exceeds the quantity demanded by consumers

• A situation in which the quantity of a good or service demanded by consumers equals the quantity supplied by producers

• A situation in which the quantity of a good or service demanded by consumers is equal to zero

What is a shortage?

• A situation in which the quantity of a good or service demanded by consumers exceeds the quantity supplied by producers

• A situation in which the quantity of a good or service supplied by producers exceeds the quantity demanded by consumers

• A situation in which the quantity of a good or service demanded by consumers equals the quantity supplied by producers

• A situation in which the quantity of a good or service demanded by consumers is equal to zero

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

What is elasticity of demand?

• A measure of how much the quantity demanded of a good or service responds to a change in price

• A measure of how much the quantity supplied of a good or service responds to a change in price

• A measure of how much the quantity demanded of a good or service responds to a change in income

• A measure of how much the quantity supplied of a good or service responds to a change in income

What is elasticity of supply?

• A measure of how much the quantity demanded of a good or service responds to a change in price

• A measure of how much the quantity supplied of a good or service responds to a change in price

• A measure of how much the quantity demanded of a good or service responds to a change in income

• A measure of how much the quantity supplied of a good or service responds to a change in income

What is a price ceiling?

• A legal maximum price that can be charged for a good or service

• A legal minimum price that must be paid for a good or service

• A situation in which the quantity of a good or service demanded by consumers exceeds the quantity supplied by producers

• A situation in which the quantity of a good or service supplied by producers exceeds the quantity demanded by consumers

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

What is a price floor?

• A legal maximum price that can be charged for a good or service

• A legal minimum price that must be paid for a good or service

• A situation in which the quantity of a good or service demanded by consumers exceeds the quantity supplied by producers

• A situation in which the quantity of a good or service supplied by producers exceeds the quantity demanded by consumers

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4