Economic Final Review

Front

_____ refers to the desire, willingness, and ability to buy a good or service.

Back

Demand

Front

____ is the struggle between buyers and sellers to get the best products at the lowest prices.

Back

Competition

Front

In general, if the price of a good or service goes down, what happens to the demand for that good or service?

Back

demand goes up

Front

What will happen to the price of Smencils on Amazon Prime if there are only a few packs left and they are very popular?

Back

The price will go up.

Front

If the price of a good or service goes up, what happens to the demand for that good or service?

Back

demand goes down

Front

What will happen to the price of pumpkins on the day after Halloween?

Back

The price will go down.

Front

The amount of goods or services available is called?

Back

supply

Front

What might happen if the demand for a new type of XBOX began rising quickly?

Back

Microsoft would raise the price of the new XBOXs

Front

Which condition would lead to the highest prices? Low supply, high demand; High supply, high demand; High supply, low demand; Low supply, low demand

Back

Low supply, high demand

Front

What is likely to happen if the price of a new pair of sneakers went up?

Back

Demand for the sneakers would decrease.