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WorksheetsIntro to demand
Total questions: 15
Worksheet time: 8mins
A want is ...
something you would like to have
something you own
something you use
something you will buy
The difference between demand and want is...
There is no difference!!
A want is a willingness to buy but you lack the money, demand you have both the willingness and the money
Demand is done by consumers but wanting is done by producers
All choices result in an opportunity cost
FALSE
TRUE
Values are
money
principles
emotions
prices
When we have two values that do not align (match) one another, we call this a..
conflict
compromise
cooperation
consequence
Developing an choice that involves elements (parts) of two other decisions to resolve a conflict is a..
conflict
compromise
cooperation
consequence
Developing a choice that involves elements (parts) of two other decisions to resolve a conflicts a ..
conflict
compromise
cooperation
consequence
Something that happens as a result of our choice is a .....
conflict
compromise
cooperation
consequence
Individual demand shows the quanitities that....
that will be demanded at a range of prices by ONE consumer
that will be demanded at a ONE prices by ONE consumer
that will be demanded at a ALL prices by ONE consumer
that will be demanded at a range of prices by ONE group of consumers
A demand schedule ...
shows demand in a graph
shows demand in a picture
shows demand in a story
shows demand in a table
A demand curve ...
shows demand in a picture
shows demand in a graph
shows demand in a story
shows demand in a table
The mnemonic HALL stands for
HEADING
AXIS
LENGTH
LINE
HEADING
AXIS
LABELS
LINE
HEADING
AXIS
LABELS
LENGTH
HEADING
AXIS
LENGTH
LINE
A price rises, quantity demanded....
also rises, ceteris paribus
also rises, caveat emptor
falls, ceteris paribus
falls, caveat emptor
ceteris paribus means...
buyer beware
all other things remain unchanged
let sleeping dogs lie
money is the root of all evel
The Law of Demand states...
as the price rises, the quantity demanded also rises, ceteris paribus
as the price rises, the quantity demanded also rises, caveat emptor
as the price rises, the quantity demanded falls, ceteris paribus
as the price rises, the quantity demanded falls, caveat emptor
