Supply & Demand concepts review

Which graph is being shown?

• SUPPLY

• DEMAND

• EQUILIBRIUM

• SCARCITY

DEMAND GRAPH:

WHEN PRICE IS HIGH CONSUMERS WILL DEMAND _.

WHEN THE PRICE IS LOW CONSUMERS WILL DEMAND _.

• MORE

  /

  LESS

• LESS

  /

  MORE

• EQUILIBRIUM

  /

  MORE

• MORE

  /

  EQUILIBRIUM

Supply Graph:

WHEN PRICE IS HIGH PRODUCERS WILL SUPPLY _.

WHEN THE PRICE IS LOW PRODUCERS WILL SUPPLY _.

• LESS

  /

  MORE

• MORE

  /

  LESS

• SAME AMOUNT

  /

  LESS

• LESS

  /

  EQUILIBRIUM

How much of the goods or services consumers are willing and able to buy is called _

The amount of a good or service that producers are willing to provide is called _

_ is an amount left over when requirements have been met

_is when something is needed but there’s not enough