WorksheetsStudent Lesson Review
Total questions: 10
Worksheet time: 10mins
What is the desire to buy a product and the ability to pay for it called?
Supply
Demand
Market Supply Schedule
Market Demand Curve
A table showing how much of a good or service all consumers are willing and able to buy at each price is called what?
Elasticity
Market Demand Curve
Market Demand Schedule
Economics
What kind of graph shows how much of a product an individual is willing and able to buy at each price?
Demand Curve
Economic efficiency
Supply Schedule
Law of Demand
What factor affects a consumer's ability to buy goods and services?
Religion
Race/Ethnicity
Hobbies
Income
When the use of one product increases the use of another product, the 2 products are called what? (Example: CD players and CDs)
Substitutes
Complements
Rival products
Satires
When a change in the price of a product makes little difference in the quantity demanded, the demand is what?
Elastic
Inelastic
A fixed cost
Obsolete
When demand for a product DECREASES, which direction does the demand curve shift?
Left
Right
Up
Down
The willingness and ability of producers to offer goods and services for sale is what?
Surplus
Demand
Supply
None of these
The law of supply states that producers are willing to sell more of a good or service at a ____________ price than a _______________ price.
lower; higher
higher; lower
Which of the following is the economic system of the USA?
Command Economy
Traditional Economy
Market Economy
