Name:_________________________
Block:_______Date:______________
Economics CBM #3
Chapters 5 and 6
1. _____ A product that satisfies the same basic want as another
2. _____ Controlled distribution
3. _____ As price increases, quantity supplied increases
4. _____ An illegal market set up because of government intervention in the market
5. _____ As price increases, quantity demanded decreases
6. _____ The amount by which behavior changes when price changes
7. _____ Quantity when market is at equilibrium
8. _____ A product that is used with another
9. _____ A minimum price set by the government
10. _____ Quantity demanded equals quantity supplied
11. _____ The amount of money one receives – PxQ
12. _____ Government-imposed limits on the market
13. _____ The quantity of a good or service that sellers are willing and able to sell at
various prices
14. _____ The quantity of a good or service consumers are willing and able to buy at
various prices
15. _____ Price at which quantity demanded equals quantity supplied
16. _____ A maximum price set by the government
a.
b.
c.
d.
e.
f.
g.
h.
elasticity
black market
complementary good
demand
equilibrium price
equilibrium quantity
law of demand
law of supply
i.
j.
k.
l.
m.
n.
o.
p.
market equilibrium
price ceiling
price controls
price floor
rationing
revenue
substitute good
supply