Business, 06.04.2020 20:52 edwmal638

Question 1
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Match the definitions to their correct term.

Question 1 options:

Determined by how much of a good or service is produced relative to how badly buyers want it

Supply is lower than Demand. Prices Rise.

Demand always exceeds supply. Want more than we have.

The lower the price of a good or service, the greater the quantity consumers will buy.

The amount of a good that producers are willing to sell at a given price.

Higher the price of a good or service, the greater the quantity that producers will try to sell.

Quantities of a good or service that potential buyers are willing and able to purchase

Supply is higher than demand. Prices Drop

The price at which quantity supplied = quantity demanded

1.
Price

2.
Demand

3.
Supply

4.
Law of Supply

5.
Equilibrium Price

6.
Law of Demand

7.
Scarcity

8.
Surplus

9.
Shortage

Answers: 2

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