Supply & Demand Questions

Front

A _____ is any place where buyers and sellers meet to exchange goods and services.

Back

market

Front

Most markets are based on __________ exchange.

Back

voluntary

Front

The information that markets generate to guide a distribution of resources is what economists call ________

Back

price signals

Front

According to the law of demand, when the price goes up, people buy _____, and when the price goes down, the people buy _____.

Back

less, more

Front

When we graph the supply curve and the demand curve, we find the price where supply equals demand. That is called the _____ price.

Back

equilibrium

Front

Should the market around organ donation be completely unregulated due to ethical questions?

Back

False

Front

Is the Law of Supply and Demand an absolute law?

Back

No, it is not an absolute law.

Front

The supply of government services, like firefighters and police officers, should not operate according to the market approach.

Back

True

Front

If the price of a product increases, what is likely to happen to the demand for that product?

Back

Demand will decrease

Tags

DOK Level 2: Skill/Concept

Front

In a ______________, the government makes all the basic economic decisions.

Back

Command Economy