Supply and Demand Vocabulary
Authored by Bryan Krosse
Social Studies
11th Grade
Used 30+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Fill in the blank: Any place where buyers and sellers meet to exchange goods and services is called a _______.
Market
Factory
Bank
Warehouse
2.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Fill in the blank: A person, business or country that makes, grows or supplies goods or services is called a _______.
Producer
Consumer
Employee
Customer
3.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Fill in the blank: A person, business or country that purchases goods or services is called a _______.
Consumer
Producer
Supplier
Manufacturer
4.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Fill in the blank: The market price where the quantity of goods supplied is equal to the quantity of goods demanded is called _______.
Equilibrium
Surplus
Deficit
Monopoly
5.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Fill in the blank: A situation where supply of a product or service exceeds its demand in the market is called _______.
Surplus
Shortage
Equilibrium
Deficit
6.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Fill in the blank: A situation where demand for a product or service exceeds its supply in the market is called _______.
Shortage
Surplus
Equilibrium
Saturation
7.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Fill in the blank: A direct relationship between the quantity supplied and the price of the product is called the Law of _______.
Supply
Demand
Diminishing Returns
Equilibrium
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