Understanding Supply and Demand Concepts

Understanding Supply and Demand Concepts

Assessment

Flashcard

Social Studies

11th Grade

Practice Problem

Easy

Created by

Edna Williams

Used 3+ times

FREE Resource

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30 questions

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1.

FLASHCARD QUESTION

Front

What is the law of demand?

Back

As the price of a good increases, the quantity demanded decreases.

2.

FLASHCARD QUESTION

Front

What is the law of supply?

Back

As the price of a good increases, the quantity supplied increases.

3.

FLASHCARD QUESTION

Front

What is market equilibrium?

Back

The point where supply equals demand.

4.

FLASHCARD QUESTION

Front

What is a price floor?

Back

A minimum price set by the government that can be charged for a good or service.

5.

FLASHCARD QUESTION

Front

What is a price ceiling?

Back

A maximum price set by the government that can be charged for a good or service.

6.

FLASHCARD QUESTION

Front

In the circular flow model, what do households provide to firms?

Back

Labor, land, and capital

7.

FLASHCARD QUESTION

Front

In the circular flow model, what do firms provide to households?

Back

Goods and services

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