economics rally

A general increase in prices

• price
• inflation
• scarcity
• demand

The idea that resources are limited; we don't have an unlimited supply of what we want

• scarcity
• supply
• demand
• inflation

The exchange of goods and services

• trade
• market
• economics
• consumer

An economic system in which decisions on productions and consumption are made by a central government:

• Command
• Market
• Traditional
• Mixed

The USA has mostly a _____________ economy.

• Command
• Traditional
• Mixed
• Market

Most communist countries have a _______________ economy.

• Command
• Market
• Traditional
• Mixed

The point at which supply and demand are equal for a product is known as 

• the demand curve
• the supply curve
• the market price
• supply and demand are never equal

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

For the law of supply, as price rises, what happens to quantity supplied?

• it goes up
• it goes down
• it stays the same
• it is not effected

For the law of demand, as price rises, what happens to quantity demanded?

• it goes up
• it goes down
• it stays the same
• it is not effected