how much you pay for a good or service
Supply, Flow, & Consumer Rights

Flashcard
•
Social Studies
•
7th Grade
•
Hard
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22 questions
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1.
FLASHCARD QUESTION
Front
Back
price
2.
FLASHCARD QUESTION
Front
The law of demand states that if the price of CD’s rise, consumers will
Back
Buy fewer CDs
3.
FLASHCARD QUESTION
Front
The law of supply states that if the price of CD’s rise, suppliers will
Back
Supply more CDs
4.
FLASHCARD QUESTION
Front
What happens to the market for gasoline as Americans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer?
Back
Demand for gasoline will increase
5.
FLASHCARD QUESTION
Front
Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?
Back
Demand for gasoline will decrease
6.
FLASHCARD QUESTION
Front
When the demand is high, and the supply is low the ________ of goods or services goes up.
Back
price
7.
FLASHCARD QUESTION
Front
When people work for others; it is called a_______________, like a doctor or bus driver.
Back
service
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