Basic Economic Vocabulary Quiz

What is the quantity of a good or service that producers are willing and able to offer at various prices?

What is the quantity of a good or service that consumers are willing and able to buy at various prices?

What is the point where the quantity supplied equals the quantity demanded?

What is the measure of how much the quantity demanded or supplied of a good changes in response to a change in price?

What is the situation where quantity supplied exceeds quantity demanded at a given price?

What is the situation where quantity demanded exceeds quantity supplied at a given price?

What is the term for allocating goods and services when demand exceeds supply?

What is a group that tries to influence public policy in favor of a specific interest?

What is a mandatory financial charge imposed by a government on individuals or businesses?

What is the gap between what buyers pay and what sellers receive due to a tax or other policy?