supply, demand, allocation and distribution

Question 1

supply

Answer 1

refers to the amount of a good or service available for consumers to buy at a certain price

Question 2

demand

Answer 2

refers to the amount of a good or service that consumers are willing to buy at certain price

Question 3

distribution

Answer 3

how goods and services are provided to consumers

Question 4

allocation

Answer 4

how we divide resources and distribute them to consumers

Question 5

how is the price of goods determined

Answer 5

the combination of supply and demand determines the price of goods and services

Question 6

what does the law of demand say?

Answer 6

that consumers are more willing to buy more of something when the price decreases and less willing when the price increases

Question 7

in which two ways can the law of demand be shown?

Answer 7

in a demand schedule or a demand curve

Question 8

what are factors of production?

Answer 8

the factors of production are all the things needed to create a finished product eg. land, labour, capital and enterprise

Question 9

capital resource

Answer 9

money, machinery and buildings

Question 10

labour resource

Answer 10

employees

Question 11

land resource

Answer 11

natural resources

Question 12

enterprise resource

Answer 12

businesses ability to combine land, labour and capital resources to make a profit