Supply and Demand Vocab Review P.2

Imagine a local farmer's market where various vendors come to sell their produce. In this context, how would you define 'Supply' in Economics?

What happens to the price and quantity of coffee when there is an increase in demand for coffee?

Imagine you are at a grocery store deciding between buying tea or coffee. How does the concept of 'Substitutes' in Economics explain your choice?

What is the effect of subsidies on the supply of agricultural products?

Imagine a local farmer's market where a farmer is selling apples. According to the Law of Supply, what happens to the quantity of apples supplied when the price of apples increases?

Define Taxes. provide an example of a service paid for by taxes

Which of the following defines "Complementary Goods?"

• Goods that can be used to replace the purchase of similar goods when prices rise

• Goods that are commonly used with other goods

• Goods that are independent of other markets