Households and Supply and Demand Quiz

Definition: the study of how households and firms make decisions and how they interact in markets.

• Product Market

• Microeconomics

• Law Of Demand

• Factor Market

Definition: The price at which the quantity demanded equals the quantity supplied.

• Equilibrium Price

• Equilibrium Quantity

• Price Ceiling

• Price Floor

Definition: A legal maximum on the price at which a good can be sold.

• Equilibrium Price

• Price Floor

• Price Ceiling

• Minimum Wage

Definition: A person or group of people living in the same residence.

• Household

• Product Market

• Factor Market

• Government

Definition: A visual model of the economy that shows how dollars flow through markets among households and firms.

• Microeconomics

• Law Of Demand

• Real Flow

• Circular Flow Diagram

Definition: A measure of the responsiveness of quantity demanded or supplied to a change in one of its determinants.

• Price Elasticity Of Demand

• Law Of Demand

• Elasticity

• Equilibrium Quantity

Definition: Market in which firms purchase the factors of production from households.

• Market Economy

• Factor Market

• Household

• Resource Market

Definition: A legal minimum on the price at which a good can be sold.

• Equilibrium Price

• Price Ceiling

• Price Floor

• Minimum Wage

Definition: Producers offer more of a good as its price increases and less as it falls.

• Law of Supply

• The Supply Curve

• Law of Demand

• Microeconomics

Definition: Consumers buy more of a good when its price decreases and less when it increases.

• Law of Demand

• Elasticity

• Law of Supply

• Change In Demand