Demand and Supply Comprehensive Review

Demand and Supply Comprehensive Review

Assessment

Flashcard

Social Studies

12th Grade

Easy

Created by

Alan Long

Used 2+ times

FREE Resource

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46 questions

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1.

FLASHCARD QUESTION

Front

Demand

Back

The quantity of a good or service that consumers are willing and able to purchase at various prices.

2.

FLASHCARD QUESTION

Front

Law of Demand

Back

States that, with all other factors being equal, as the price of a good increases, the quantity demanded decreases. Conversely, as the price decreases, quantity demanded increases.

3.

FLASHCARD QUESTION

Front

Supply

Back

The quantity of a good or service that producers are willing and able to offer for sale at various prices.

4.

FLASHCARD QUESTION

Front

Law of Supply

Back

States that, with all other factors being equal, as the price of a good increases, the quantity supplied increases. Conversely, as the price decreases, quantity supplied decreases.

5.

FLASHCARD QUESTION

Front

Equilibrium

Back

The state in which the quantity supplied equals the quantity demanded, leading to a stable market price.

6.

FLASHCARD QUESTION

Front

Market

Back

A group of buyers and sellers engaged in trade, along with the rules and arrangements governing their transactions.

7.

FLASHCARD QUESTION

Front

Quantity demanded

Back

The specific amount of a good that buyers are willing to purchase at a given price.

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