Unit 4 Test - Price System Economics Test

how buyers and sellers respond changing prices

• supply

• emotions

• elasticity

• demand

the desire to buy something

• profit

• demand

• supply

• elasticity

a product that brings you lots of use

• utility

• product increase

• demand

• productive

the ability to bring a product to the market

• supply

• demand

chart that shows the demand compared to different prices

• price schedule

• demand chart

• price chart

• demand schedule

a chart that shows the correlation between price and quantity supplied

• supply chart

• demand chart

• supply schedule

• demand schedule

when the demand and supply curves meet in the middle, that is called the

• equilibrium

• middle point

• cross section

• checkpoint

when the price of a product rises, people are willing to buy less (and vice versa)

• law of supply

• law of demand

there is more for sale at higher prices and less for sale at lower prices

• law of supply

• law of demand

quantity demanded is higher than what is supplied

• surplus

• shortage