Question

directions: write the correct word beside the definition. you will not use all of the words below.
demand law of demand complement

1. __________________ goods used with one another.
2. __________________ the desire and ability to have a good or service.
3. __________________ when the price of a good goes up, the quantity demanded goes down.

substitute supply law of supply product market

1. __________________ goods used in place of each another.
2. __________________ producers are willing to sell more of a good at a higher price than a lower price.
3. __________________ quantity of a product producers are willing to make and sell at a certain price.
4. __________________ the market in which goods and services are sold.

circular flow model factor market demand curve supply curve

1. __________________ where businesses and households make exchanges of the factors of production so the business can make things
2. __________________ graph that shows how much of a good or service an individual is willing and able to purchase at each price.
3. __________________ graph that shows how much of a good or service a producer is willing to make at each price.
4. __________________ flow of money and resources and goods from businesses to households and from households to businesses.

Explanation:

Each definition is matched to the corresponding economics term based on standard microeconomic and basic economic market concepts.

Answer:

1. Complement
2. Demand
3. Law of demand
4. Substitute
5. Law of supply
6. Supply
7. Product Market
8. Factor Market
9. Demand Curve
10. Supply Curve
11. Circular Flow model