U1L2 HW Intro to Bus on Quizizz

What will students learn about the effects of supply and demand?

• How they affect prices and availability of goods

• How they influence weather patterns

• How they determine political outcomes

• How they impact language development

What is a market?

• A place where only buyers gather

• A place where sellers store goods

• A place where buyers and sellers exchange goods and services

• A place where only services are provided

In a market, what do buyers do to get the best deal?

• Cooperate with sellers

• Compete against each other

• Ignore other buyers

• Wait for sellers to lower prices

What is the nature of exchanges in a market?

• Mandatory

• Voluntary

• Forced

• Random

What do sellers do in a market to attract buyers?

• Compete with other sellers

• Cooperate with buyers

• Ignore competition

• Offer free goods

How do buyers and sellers interact in a market?

• They ignore each other

• They cooperate to exchange goods/services for money

• They compete to avoid transactions

• They only communicate through intermediaries

What type of market is represented by a stock exchange?

• Physical retail market

• Online market

• Financial market

• Fuel market

What is the definition of demand?

• The amount of a good or service that producers are willing to sell at a particular price

• The amount of a good or service that consumers are willing and able to buy at a particular price

• The amount of a good or service that is available in the market

• The amount of a good or service that is produced at a particular price

According to the Law of Demand, what happens when prices fall?

• Consumers buy less goods/services

• Consumers buy more goods/services

• Producers sell more goods/services

• Producers sell less goods/services

What happens to consumer behavior as prices increase, according to the Law of Demand?

• Consumers buy more

• Consumers buy less

• Consumers buy the same amount

• Consumers stop buying completely