Supply and Demand

The ability or need to buy goods and services is called...

• Supply

• Demand

• Law of demand

• Law of supply

Goods that get used or replaced often are called...

• Gross domestic products

• Supply

• Durable good

• Consumable goods

More is demanded at a lower price than at a high price is known as...

• Supply

• Demand

• Law of demand

• Law of supply

If the cost of making biclycles goes down, the supply will likely...

• increase

• decrease

• stay the same

An economic system in which there is free competition and prices are determined by the interaction of supply and demand is called...

• mixed economy

• market economy

• economic growth

• gross domestic product

Gasoline and cleaning supplies are examples of

• durable goods

• gross domestic producst

• consumable goods

• supply

Oil and diamonds are both often expensive because they are ...

• non-renewable resources

• renewable resources

• resources

• goods

Long lasting goods are called

• durable goods
• renewable resources

• non renewable resources

• food

The amount sellers are willing and able to charge for a product is called...

• supply

• demand

• law of demand

• price

Food and clothing are examples of

• Expensive

• Decrease

• Consumable goods

• Durable goods