Supply and Demand Vocabulary

Fill in the blank: Any place where buyers and sellers meet to exchange goods and services is called a _______.

• Market

• Factory

• Bank

• Warehouse

Fill in the blank: A person, business or country that makes, grows or supplies goods or services is called a _______.

• Producer

• Consumer

• Employee

• Customer

Fill in the blank: A person, business or country that purchases goods or services is called a _______.

• Consumer

• Producer

• Supplier

• Manufacturer

Fill in the blank: The market price where the quantity of goods supplied is equal to the quantity of goods demanded is called _______.

• Equilibrium

• Surplus

• Deficit

• Monopoly

Fill in the blank: A situation where supply of a product or service exceeds its demand in the market is called _______.

• Surplus

• Shortage

• Equilibrium

• Deficit

Fill in the blank: A situation where demand for a product or service exceeds its supply in the market is called _______.

• Shortage

• Surplus

• Equilibrium

• Saturation

Fill in the blank: A direct relationship between the quantity supplied and the price of the product is called the Law of _______.

• Supply

• Demand

• Diminishing Returns

• Equilibrium

Fill in the blank: An inverse relationship between the quantity demanded and the price of the product is called the Law of _______.

• Demand

• Supply

• Diminishing Returns

• Equilibrium

Which of the following are determinants of supply? (Click the 4 answers that apply)

• Price of related goods

• Prices of Resources (fixed and variable)

• Technology (always increases supply)

• Number of Consumers in the Market

• Producer Expectations

Which of the following are determinants of demand? (Click all 4 that apply)

• Consumer Tastes and Preferences

• Change in income

• Consumer Expectations

• Producer Expectations

• Number of consumers in the market