Supply + Demand Flashcards
1
Q
What is supply?
A
The amount of specific goods or services that are available
2
Q
What is the Law of Demand?
A
When prices rise, consumers will purchase the products in fewer quantities
3
Q
What is demand?
A
The amount of goods and services
4
Q
What is the Law of Supply?
A
- When prices are high, producers will supply more
- When prices are low, producers will supply less
5
Q
What is the difference between needs and wants?
A
Needs are what you need to survive whereas wants are what make your life more comfortable
