Supply and Demand Flashcards
1
Q
supply
A
- how much there is of something
2
Q
demand
A
- how much people want or need something
3
Q
limited supply
A
- price of something goes up (because there is a limited supply)
4
Q
monopoly
A
- one person or group has all of the supply
- price goes up even more
5
Q
status
A
- your rank or place in society
6
Q
middleman
A
- handles the good between buyer and seller
7
Q
things that affect the price of something
A
- supply
- demand (need/want)
- competition
- how many people “handle” it
- location
