WorksheetsChapter 29 demand and supply
Total questions: 12
Worksheet time: 7mins
Which of the following effect the economic system?
Consumer demand
Products
Price
Income
What is it called when a consumer desires to purchase a good or service?
Supply
Price
Income
Demand
A luxury good is an exception to the law of demand
True
False
Demand (a) : a graphic representation of the relationship between product price and quantity demanded
Which is NOT a factor that effects demand
Change in income
Government action
Technology
Tastes and fashion
The demand curve shifts to the left when there is an increase in demand
True
False
Is this the supply or demand curve
Demand Curve
Supply Curve
Supply describes the total amount of a specific good or service available to a (a)
Cost of production is a factor that effects supply
True
False
If a product adds value to another product this is called
Luxury item
Helpful
Complimentary goods
Supply goods
The dot in the middle is called
Equilibrium
The middle
Supply point
Demand point
When products are similar and can be used for the same purpose this can be called
Complimentary good
Substitute good
Supply
Demand
