Econ Topic 3/4 Quiz

What is the desire to own something and the ability to pay for it?

• Demand

• Supply

• Income

• Substitution

1. Consumers will buy more of a good when its price is lower and less when the price is higher.

• Demand

• Law of Demand

• Supply

• Income

The amount of products that people are willing to buy.

• Law of Demand

• Law of Supply

• Quantity Demanded

• Demand

When a consumer buys less of an expensive item and more of a cheaper item.

• Income

• Demand

• Supply

• Substitution Effect

What is the change in consumption because of a change to prices?

• Income Effect

• Substitution Effect

• Demand Effect

• Supply Effect

1. What is the desire to own something and the ability to pay for it.

• Supply

• Demand

• Law of Demand

• Law of Supply

1. Consumers will buy more of a good when its price is lower and less when the price is higher.

• Demand Curve

• Law of Supply

• Law of Demand

• Demand

1. The amount of products that people are willing to buy.

• Income

• Demand

• Supply Demanded

• Quantity Demanded

1. When a consumer buys less of an expensive item and more of a cheaper item.

• Substitution Effect

• Quantity Demanded

• Income Effect

• Law of Demand

1. The change in consumption because of a change to prices.

• Substitution Effect

• Income Effect

• Demand Effect

• Supply Effect