Supply and Demand

Supply and Demand
1. ____________________Who determines supply-the amount of goods available for
purchase? Businesses or Consumers?
2. ____________________Who determines demand-the amount of goods people are
willing to demand? Businesses or Consumers?
3. ____________________When is a company going to produce more-if it is in
competition or in a monopoly?
4. _____________________If a product is scarce what happens to the price?
5. _____________________Capitalism is used to describe which of the three economic
systems-Free Market, Mixed, Command.
6. _____________________If consumption goes up, what happens to the price (Up,
Down, or Stays the Same)
7. _____________________If the market is saturated with a product, what happens to the
supply of the product?
8. _____________________If the market is saturated with a product what will happen to
the price?
9. _____________________What happens to demand if the resource becomes scarce (Up,
Down, Stay the Same)
10. _____________________When businesses compete, what happens to their profit (Up,
Down, Stay the Same)
11. _____________________What is the most common economic system?
12. _____________________Which economic system gives all the power to the
13. _____________________Which economic system does not allow monopolies?
14. _____________________Which economic system allows for businesses to make the
most profit? (Free Market, Mixed, or Command)
15. _____________________Which economic system allows for business to have the most
competition? (Free Market, Mixed, or Command)