Unit 7, Bundle 1: Global Supply and Demand

What term refers to the amount of a product or service available to consumers?

• Demand

• Supply

• Scarcity

• Surplus

Which term best describes the willingness and ability of consumers to purchase a product?

• Supply

• Demand

• Distribution

• Interdependence

What does the term "scarcity" mean in economics?

• Unlimited resources available for production

• Limited resources to meet unlimited wants

• Surplus of goods in the market

• Equal distribution of resources

A situation where supply exceeds demand is known as:

• Scarcity

• Surplus

• Distribution

• Inequity

Which of the following is an example of a natural resource?

• Machinery

• Labor

• Water

• Money

The skills and knowledge of workers are referred to as:

• Natural resources

• Human capital

• Financial capital

• Physical assets

Unequal access to resources and opportunities is known as:

• a) Distribution

• b) Inequity

• c) Surplus

• d) Demand

The allocation of goods and services to consumers is called:

• Supply

• Demand

• Distribution

• Scarcity

The international network of production and distribution is referred to as:

• Local production

• Global supply chain

• Scarcity

• Demand

Mutual reliance between countries for goods and services is known as:

• Interdependence

• Scarcity

• Surplus

• Distribution