Supply and Demand Vocabulary

Supply and Demand Vocabulary

11th Grade

10 Qs

quiz-placeholder

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Supply and Demand Vocabulary

Supply and Demand Vocabulary

Assessment

Quiz

Social Studies

11th Grade

Medium

Created by

Bryan Krosse

Used 20+ times

FREE Resource

10 questions

Show all answers

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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