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SOL CE.12b

Civics & Economics SOL CE.12b

QuestionAnswer
Amount of money exchanged for goods or services? Price
Price is determined by the interaction of… supply and demand
Amount of a good or service that consumers are willing and able to buy? Demand
Amount of a good or service that producers are willing and able to provide? Supply
What law states consumers will buy more at lower prices and less at higher prices? Law of Demand
What law states producers will produce more when prices are high and less when prices are low? Law of Supply
What is the point where supply and demand meet? (X) Equilibrium Price
At the equilibrium price, everyone who wants to can… buy and sell
Created by: Warren_Fisher
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