Supply and demand, markets, money, trade, and geographic concepts including maps, regions, and population.
40 cards · basic cards · AI-written, checked twice. Edit anything.
- What is supply in economics?
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The quantity of goods available for sale at different prices- What is demand in economics?
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The quantity of goods consumers want to buy at different prices- What happens to price when demand increases and supply stays constant?
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Price increases- What happens to price when supply increases and demand stays constant?
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Price decreases- What is equilibrium price?
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The price where the quantity supplied equals the quantity demanded- What is a shortage in a market?
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When demand exceeds supply, causing a lack of available goods- What is a surplus in a market?
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When supply exceeds demand, causing excess goods- Define market in economics.
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A place or system where buyers and sellers exchange goods and services- What is competition in a market?
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When multiple sellers offer similar products to the same buyers- Who is a consumer?
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A person who buys and uses goods and services- Who is a producer?
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A person or company that creates and sells goods and services- What is scarcity?
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Limited resources compared to unlimited wants and needs- What is a free market economy?
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An economic system where prices are determined by supply and demand- What is currency?
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Money in the form of coins and paper bills used for exchange- What is the main function of money?
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To serve as a medium of exchange for goods and services
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