Worksheets8 Economics&Business 2
Total questions: 11
Worksheet time: 6mins
In Australia's market economy, ___don't simply choose a price for their products.
sellers
buyers
goods
services
Prices are mainly affected by the combination of the demand from ____and supply from _____.
goods : services
buyers : sellers
needs : wants
price : stuff
Economists call the ________ in demand and supply market forces.
influence
price
changes
interaction
Buyers' demand for ___ and ___ is constantly changing.
sellers : buyers
producers : consumers
firms : householders
goods : services
___ in prices cause changes in demand.
Change
Price
Influence
Interact
When the price of a produce rises then the quantity demanded will fall, is known as the
Law of Supply
Law of Demand.
When the price of a product falls, the quantity demanded will rise, is known as the...
Law of Supply.
Law of Demand.
Sometimes, the ___ is at a level where the amount that ______ are willing to demand is the same amount as that which ______ are willing to supply.
price : sellers : buyers
goods : buyers : sellers
price : buyers : sellers
When the amount demanded equals the amount willing to be supplied it is called?
Equilibrium
The happy place
Market equilibrium price
Both A and C are correct.
When the price of a product falls, the quantity supplied also falls.
Law of Demand
Law of Supply
When the price rises then the quantity demanded will also rise.
Law of Demand
Law of Supply
