economics

Question 1

supply

Answer 1

economic concept that pertains to the number of products and services a seller can produce for market consumption

Question 2

demand

Answer 2

economic concept that pertains to the number of products and services that a buyer is willing and able to acquire at a given price

Question 3

the law of supply

Answer 3

as the price of a product or service increases, the quantity supplies increases. as the product price decreases, the quantity supplies decreases

Question 4

law of demand

Answer 4

as the product price increases, the quantity demand decreases. as the product price decreases, the quantity demand increases

Question 5

market equilibrium

Answer 5

economic forces are balanced

Question 6

equilibrium price

Answer 6

the price at which the quantity supply matches the demand

Question 7

equilibrium quantity

Answer 7

the point at which the quantity supply of a good matches the quantity demand

Question 8

market disequilibrium

Answer 8

a state with imbalanced supply and demand

Question 9

surplus

Answer 9

a market situation where there is an excessive quantity supply of a particular product or commodity

Question 10

shortage

Answer 10

the quantity demand is higher than the quantity supply