Supply and Demand

Supply and Demand

Assessment

Flashcard

Geography

6th Grade

Hard

Created by

Wayground Content

FREE Resource

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17 questions

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1.

FLASHCARD QUESTION

Front

What determines the prices of goods and services?

Back

Supply and demand

2.

FLASHCARD QUESTION

Front

What exists when quantity supplied is greater than quantity demanded?

Back

Surplus

3.

FLASHCARD QUESTION

Front

When is a market said to be in equilibrium?

Back

When the demand and supply quantities are equal.

4.

FLASHCARD QUESTION

Front

The price at which a good is bought and sold in a market equilibrium is called

Back

equilibrium price

5.

FLASHCARD QUESTION

Front

Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of...

Back

shortage

6.

FLASHCARD QUESTION

Front

What happens to price when the market has a surplus?

Back

price drops

7.

FLASHCARD QUESTION

Front

What is the price ceiling?

Back

The maximum price allowed set by the government

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