EASY Supply and Demand Vocabulary
Quiz
•
Business
•
10th Grade
•
Medium
JULIE PROVINCE
Used 4+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
The study of how people use things they have to meet their needs and wants is called:
Economics
Sociology
Psychology
Anthropology
2.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
What is the total amount of a product or service that producers are ready to sell at different prices?
Demand
Supply
Equilibrium
Price Elasticity
3.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
What is the amount of a product or service that buyers want and can buy at different prices?
Demand
Supply
Equilibrium
Price
4.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
The point where the supply of a product equals the demand for that product, leading to a stable price, is known as:
Equilibrium
Surplus
Deficit
Inflation
5.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
A place where buyers and sellers come together to trade goods and services is called a:
market
school
hospital
library
6.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
A situation where there is more of a product available than people want to buy, which can cause prices to go down, is called:
Inflation
Deflation
Surplus
Shortage
7.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
A situation where there is not enough of a product available to meet what people want, which can cause prices to go up is called:
Inflation
Scarcity
Surplus
Recession
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