Supply & Demand
This is how much consumers are willing and able to buy a certain product.
What is demand?
People who purchase goods and services.
What are buyers/consumers?
Money earned after subtracting costs from revenue.
What is profit?
Workers and employees are examples of this type of resource.
What are human resources?
GDP stands for...
What is Gross Domestic Product?
This is what businesses are willing and able to produce.
What is supply?
People or businesses offering products for sale.
What are sellers/producers?
A bakery raises cupcake prices because flour becomes more expensive. This affects…
What is supply?
Oil, trees, and water are examples of these resources.
What are natural resources?
GDP measures the total value of these produced within a country.
What are final goods and services?
A new gaming console is sitting unsold on shelves because stores ordered too many. This is called a…
What is a surplus?
A place where buyers and sellers exchange goods and services.
What is a market?
The amount of money a business receives from selling goods and/or services.
What is revenue?
Factories, machines, and tools are examples of this type of resource.
What are capital resources?
A general rise in prices over time.
What is inflation?
The point where supply and demand meet (are the same.)
What is equilibrium price?
Competition between sellers usually causes prices to do this.
What is decrease/lower?
Resources are limited, but wants are unlimited. Economists call this…
What is scarcity?
A finished bicycle sold to a customer is this type of good.
What is a final good?
An institution where people deposit and borrow money.
What is a bank?
When the quantity demanded exceeds the quantity supplied.
What is a shortage?
If customers suddenly want more lemonade during a heat wave, demand will…
What is increase?
IRDL stands for...
What is "increase right, decrease left?"
Businesses provide these to households.
What are goods and services?
The cost of borrowing money.
What is interest?