Supply and Demand

Front

When the supply goes higher, the demand will be______

Back

Lower

Front

What determines the prices of goods and services?

Back

Supply and demand

Front

Defined as: the performance of a duty or work for another person

Back

service

Front

Supply is defined as:

Back

the quantity of a good or service that a business is willing and able to make available for sale at a specific price

Front

Demand is defined as:

Back

the quantity of a good or service that a buyer is willing and able to purchase at a specific price

Front

When the amount demanded is greater than the available supply the price will

Back

go up

Front

When the amount supplied is greater than the amount demanded the price will

Back

go down

Front

Producers often compete for the same consumers. How does increased competition impact the price of goods and services?

Back

prices go down

Front

In production, the goods and services produced are called

Back

outputs

Front

The productive resources used to make the goods and services are called

Back

inputs