Supply & Demand concepts review

Front

Which graph is being shown? Options: SUPPLY, DEMAND, EQUILIBRIUM, SCARCITY

Back

DEMAND

Front

DEMAND GRAPH: WHEN PRICE IS HIGH CONSUMERS WILL DEMAND _. WHEN THE PRICE IS LOW CONSUMERS WILL DEMAND _.

Back

LESS / MORE

Front

WHEN PRICE IS HIGH PRODUCERS WILL SUPPLY _. WHEN THE PRICE IS LOW PRODUCERS WILL SUPPLY _.

Back

MORE / LESS

Front

How much of the goods or services consumers are willing and able to buy is called _

Back

demand

Front

The amount of a good or service that **_producers_** are willing to provide is called _

Back

supply

Front

_ is an amount left over when requirements have been met

Back

surplus

Front

_is when something is needed but there’s not enough

Back

Scarcity