Year 7 Economics

A demand curve is always ____________

• Upward sloping

• Downward sloping

A supply curve is always ____________

• Downward sloping

• Upward sloping

On a demand and supply graph, price is labelled on the

• vertical axis

• horizontal axis

On a demand and supply graph, quantity is labelled on the

• vertical axis

• horizontal axis

Which term matches this definition: The amount of a good or service consumers are willing and able to purchase at a particular price

• Demand

• Supply

• Opportunity cost

• Economic problem

If price is high, demand is ____

• low

• high

If price is low, demand is ____

• low

• high

Which term matches this definition: The amount of a good or service producers are willing and able to sell at a particular price

• demand

• supply

• equilibrium price

• economics

If price is high, supply is

• low

• high

If price is low, supply is

• high

• low