Social 9 Review FINAL 1 Sem

It can be any place when buyers and seller meet.

• Store

• Market

• Entertainment

• Internet shopping

Any place where people sell and buy food, clothing or other items.

• Store

• Entertainment

• Internet shopping

• Market

How many types of a market?

• One

• Two

• Three

• Four

Any activity that one person performs for another for a fee.

• Entertainment

• Internet shopping

• Services

• Store

People in the market place decide what to buy and at what price.

• Supply

• Demand

• Law of demand

• Law of supply

What will happen to the price if the quantity demanded goes down?

• Up

• Down

• Stable

• Nothing changes

What will happen to the price if the quantity supplied goes up?

• Up

• Down

• Stable

• Nothing changes

How many types of competition exist in the economy?

• One

• Two

• Three

• Four

An ____________ is an industry dominated by several suppliers.

• Monopoly

• Oligopoly

• Competition

• Perfect

_____________ is advantageous to consumers as it provides them with choices.

• Perfect

• Monopoly

• Oligopoly

• Competition