Supply and Demand Pretest

What will happen to the supply & price of tomatoes if more farmers decide to start growing tomatoes?

• Supply will increase

• Price will go down

• Prices remain the same

• Supply decreases

Which are services?

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The price of something is the result of on-going negotiation between producers and consumers based on

(a)  

What else helps balance the economy

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The desire or willingness a consumer has to purchase a good or a service is called?

• shortage
• supply
• price
• demand

The point where supply and demand are balanced is?

• product
• demand
• surplus
• equilibrium

Goods and services sold to other countries are......

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Factors that cause the supply or demand to change are called?

• equilibrium

• Influences

• demand

• producer

Equilibrium is 

• when there is a surplus

• when there is a shortage

• when there is both a surplus and a  shortage

• when the producer and the consumers  agree on a price

The amount of money exchanged for a good or service is called the ...

• Demand

• Price

• Economy

• Supply