What is the definition of the law of supply?
What is the definition of the law of demand?
Which choice is NOT one of the 3 questions that economics tries to answer?
What is the best description for the term supply?
Who decides the supply that is released into the economy?
Who decides how much of something is bought (demand)?
I have to choose between playing either basketball or volleyball. I am going to play volleyball because I am better at it. Economically speaking what would you call basketball, my second choice?
What is the best description for the term Demand?
Which choice is NOT an example of a good?
How are a producer and a consumer's view points different about buying and selling a product?
Which choice is NOT an example of what competition can cause?
What does the equilibrium point on a supply and demand chart show?
What is a surplus?
What is a shortage?
What is competition?
Which choice does NOT describe specialization?
Which choice is the best example of scarcity?
What is the best example of interdependence?
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