Year 7 Economics: DEMAND

People who purchase goods and services to satisfy their needs and wants are called:

• Consumers

• Producers

• Entrepreneurs

• Employees

Businesses who create goods and services using resources to make a profit by selling them to consumers are called:

• Consumers

• Producers

• Capital

• Employees

Demand is defined as the amount of a good or service that:

• Producers are unwilling and unable to sell at a particular price

• Consumers are unwilling and unable to buy at a particular price

• Consumers are willing and able to buy at a particular price

• Producers are willing and able to sell at a particular price

If a price for a product is high then DEMAND would be:

• High

• Low

• Medium

If price for a product is low then DEMAND will be:

• High

• Medium

• Low

What type of relationship do price and quantity demanded have?

• A mean relationship

• A friendly relationship

• A positive relationship

• A negative relationship

The price of a product and the quantity demanded of that product have a negative relationship because:

• The price and quantity demanded will always be the same

• The more expensive a product becomes, the more likely consumers will buy it

• The more expensive a product becomes, the less likely consumers will buy it

TRUE or FALSE - Consumers prefer to buy things when they are cheaper.

• TRUE

• FALSE

When you draw a demand curve it is always:

• Upwards sloping

• Downwards sloping

• Horizontal sloping

• Vertical sloping

The LAW of demand is that the more expensive something is the less likely consumers will buy it and the less expensive something is:

• The less likely consumers will buy it

• The more likely consumers will buy it

• The more likely consumers will brag about it

• The more likely a consumer will post on Insta about it