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WorksheetsEcon Chapter 3 Vocabulary Part 1
Total questions: 19
Worksheet time: 10mins
A market in which there are many buyers and sellers of the same goods and services is called a:
Competitive market
An economic model that shows how a competitive market behaves is called a:
What does market equilibrium mean?
What is a demand schedule?
A demand schedule is a table of consumer income levels.
A demand schedule is a comprehensive and complete list of all available goods in a market.
The actual amount of a good or a service consumers are willing to buy at some specific price is called:
A graphical representation of the demand schedule that shows the relationship between the quantity demanded and price is called:
This states that a higher price for a good or service, other things being equal, leads people to demand a smaller quantity of that good or service.
What is a shift of the demand curve?
A shift of the demand curve is a change in the quantity demanded at any given price.
A change in the quantity demanded of a good arising from a change in the good's price is represented as:
Movement along the demand curve.
If a rise in the price of one good leads to an increase of demand for the another good, then we know that these two goods are:
If a rise in the price of one good leads to a decrease in demand for another good, then we know that these two goods are:
A good that has an increased demand as incomes rise (In most cases) is called:
When peoples income increases and demand for a good decreases, then we know that good is:
an inferior good
a normal good
a luxury good
a substitute good
What do we call a demand curve that is tailored to show the quantity demanded and price paid for one specific person?
The actual amount of a good or service that people are willing to sell at some specific price is:
demand for
quantity supplied
A supply schedule shows:
How much of a good or service would be supplied at different prices.
A graphic representation showing the relationship between quantity supplied and price is:
a demand curve
a price elasticity graph
a supply curve
a market equilibrium chart
This is a change in the quantity supplied of a good or service at any given price:
a shift in the supply curve
a decrease in price
an increase in supply
a change in demand
Movement along a supply curve is:
A change in the quantity supplied of a good arising from a change in the good's price.
A shift in the demand curve based on an increase in demand of the good's supplied value.
