Applied Econ (Group 3)

It is a measurement of value, it is something that is used to value goods and services, record debts, and make calculations.

• Ruler 

• Unit

• Market

• Surplus

This place is made up of buyers and sellers making choices under conditions of scarcity.

• Hospital

• Market

• Park

• Firm

Is a relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.

• Supply and Demand

• Price and Demand

• Surplus and Shortage

• Supply and Commodity

Refers to the relationship between the price of a good or service and the quantity or number of units all sellers in a market would choose to sell during a given time period.

• Demand

• Shortage

• Surplus

• Supply

The ______ of the good or service is determined by supply and demand in a market.

• Market value

• Price

• Unit

• Equilibrium

They ask about the types of goods and services available and the price they must pay for them.

• Sellers and Suppliers

• Supply and Demand

• Buyers or Consumers

• Market Setting

In a ___________________, there are many buyers and sellers of an identical product.

• Demand Schedule

• Supply Curve 

• Perfectly Competitive Market

• Market Surplus or Excess

Identify whether the given image shows LAW OF DEMAND or LAW OF SUPPLY. Use CAPITAL LETTERS only.

Identify whether the given image shows LAW OF DEMAND or LAW OF SUPPLY. Use CAPITAL LETTERS only.

Identify whether the given image shows LAW OF DEMAND or LAW OF SUPPLY. Use CAPITAL LETTERS only.