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Unit 05 (3a-3g)

White 03 - Unit 5 (3a-3g)

QuestionAnswer
What is the amount of money exchanged for a good or service? Price
What is determined by the interaction of supply and demand? Price
What is the amount of a good or service that consumers are willing to buy at different prices? Demand
What is the amount of a good or service that producers are willing to sell at different prices? Supply
Select the TRUE statement about supply and demand. Low Supply and High Demand = High Prices Low Supply and High Demand = Low Prices Low Supply and High Demand = High Prices
Select the TRUE statement about supply and demand. High Supply and Low Demand = Low Prices High Supply and Low Demand = High Prices High Supply and Low Demand = Low Prices
Producers will produce more when prices are high and less when prices are low. Law of Supply
Consumers buy more when prices are low and less when prices are high. Law of Demand
What is TRUE about SUPPLY and DEMAND at the Equilibrium Price. Supply and Demand are Equal
Who can buy and sell at the Equilibrium Price? Everyone who wants to buy and sell
What is inflation? Rising prices over time
Created by: Warren_Fisher
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