Supply and Demand + Scarcity Flashcards
1
Q
What happens to demand when prices rise?
A
Demand usually decreases.
2
Q
What does the law of supply say about prices and supply?
A
As price increases, supply increases.
3
Q
What is scarcity?
A
The condition of having limited resources to meet unlimited wants.
4
Q
What is the point where supply and demand meet?
A
Equilibrium
5
Q
A
