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 government? 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)