Supply and Demand Vocab Quiz

What is the term used to describe the total amount of a product or service available to consumers?

• Demand

• Supply

• Consumption

• Market Economy

Which term refers to the desire of purchasers, consumers, clients, or buyers for a particular commodity, service, or other item?

• Supply

• Demand

• Production

• Market Economy

What is the process called when goods and services are used by consumers?

• Supply

• Demand

• Consumption

• Production

Which term describes the creation of goods and services?

• Supply

• Demand

• Consumption

• Production

What is the term for an economic system in which production and prices are determined by unrestricted competition between privately owned businesses?

• Supply

• Demand

• Market Economy

• Consumption

In a market economy, what primarily determines the price of goods and services?

• Government regulations

• Supply and Demand

• Production costs

• Consumption rates

Which of the following best describes the relationship between supply and demand in a market economy?

• They are unrelated

• Supply always exceeds demand

• Demand always exceeds supply

• They interact to determine prices

If the demand for a product increases and the supply remains unchanged, what is likely to happen to the price of the product?

• The price will decrease

• The price will increase

• The price will remain the same

• The price will fluctuate randomly

Which of the following scenarios best illustrates the concept of consumption?

• A factory producing cars

• A family buying groceries

• A company setting prices for its products

• A government regulating trade

In economic terms, what does the term "production" refer to?

• The amount of goods and services available

• The process of creating goods and services

• The desire for goods and services

• The use of goods and services by consumers