Supply and Demand Flashcards
1
Q
Demand
A
The amount of a good or service that consumers will buy at a particular price.
2
Q
Supply
A
The amount of a good or service that producers will sell at a particular price.
3
Q
Distribution
A
How goods or services are provided to consumers.
4
Q
Allocation
A
Making choices about how much and which market to give resources to.
5
Q
If prices go up
A
Supply will increase and demand will decrease.
6
Q
If prices go down
A
Demand will increase and supply will decrease.
7
Q
What can effect supply and demand?
A
location, income, population, and what people want to buy.
8
Q
Resource Allocation
A
How we divide resources and how these resources are then distributed to consumers.
9
Q
What are the factors of production?
A
- Land (natural resources: land, animals & forests)
- Labour (employees)
- Capital (money, machinery, & buildings)
- Enterprise (entrepreneurship)
