Economics Quiz

The willingness and ability to purchase goods or services at a given price.

The amount of goods producers are willing to sell at various prices.

A visual representation of the relationship between price and quantity demanded.

The economic law stating that as price rises, quantity demanded falls.

This occurs when there is a change in demand due to non-price factors.

A mathematical expression of the relationship between quantity demanded and price.

A factor of supply that deals with the use of better equipment or processes.

A market where businesses acquire resources such as labor and capital.

The term for when quantity supplied is greater than quantity demanded.

The situation when consumers are more willing to buy a product at a lower price.