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Econ One Lesson One
11 vocab words you need for lesson one
| Question | Answer |
|---|---|
| supply | The quantity of a good or service producers are willing and able to sell at a specific price |
| demand | The quantity of a good or service consumers are willing and able to purchase at specific prices |
| quantity supplied | The amount of a good firms choose to sell at any and all prices |
| quantity demanded | The amount of a good consumers choose to buy at a any and all prices |
| market | A place or way buyers and sellers are brought together to do business |
| equilibrium | The price at which the quantity demanded is the same as the quantity supplied |
| shortage | a situation where a good or service is unavailable; demand is larger than supply |
| surplus | a situation where there is too much of a good or service; supply is larger than demand |
| firm | A company; A business |
| industry | A term for any group of businesses; for example, the automobile industry |
| resources | A source of economic wealth, like minerals, land, and labor |
Created by:
markleyj
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