Supply and Demand
Flashcard
•
Geography
•
6th Grade
•
Hard
Wayground Content
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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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