Economics Quiz

All the people living in the same residence.

• Household

• Neighborhood

• Community

• Family

Competing products that can be used in place of one another.

• Substitutes

• Complements

• Unrelated products

• Identical products

Market in which goods and services are bought and sold.

• Product Market

• Labor Market

• Financial Market

• Foreign Exchange Market

The minimum price that can be charged for a good or service.

• Price Floor

• Price Ceiling

• Equilibrium Price

• Market Price

An organization that produces a good or service which it then sells.

• Firm

• School

• Hospital

• Library

The point at which the quantity demanded and the quantity supplied are equal.

• Equilibrium

• Surplus

• Shortage

• Price Ceiling

Demand for a product is greater than the supply.

• Shortage

• Surplus

• Equilibrium

• Excess

A rule that states more of a product will be demanded at lower prices and less at higher prices.

• Law of Demand

• Law of Supply

• Law of Diminishing Returns

• Law of Marginal Utility

Goods that increase the use of other goods (like peanut butter and jelly).

• Complements

• Substitutes

• Inferior goods

• Luxury goods

Supply for a product is greater than demand (usually because prices are too high).

• Surplus

• Shortage

• Equilibrium

• Deficit