What are the two most crucial terms in understanding economics?

Exploring Supply and Demand in Basic Economics

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Social Studies
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6th - 10th Grade
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Medium

Lucas Foster
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Inflation and Deflation
Supply and Demand
Gross Domestic Product and Net Export
Capital and Labor
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the quantity demanded when the price of an item increases?
It increases
It decreases
It fluctuates unpredictably
It remains unchanged
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the law of supply, what is the relationship between price and quantity supplied?
Only related in a free market
Inversely proportional
Directly proportional
Not related
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
At what price did wheat reach its equilibrium price in the example provided?
$5 per bushel
$6 per bushel
$7 per bushel
$9 per bushel
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a large supply of oranges affect their market price?
Causes the price to fluctuate
Decreases the price
Increases the price
Has no effect on the price
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What causes the equilibrium price to change?
Changes in supply or demand
Changes in government policies only
Fixed by the government annually
Changes in international markets
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the elasticity of demand?
The change in demand when supply increases
The change in supply when demand decreases
How much demand changes with a change in price
The government's ability to regulate demand
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