66 y WHAI IS ECONOMICS ALL ABOUT?
EXERCISES
Matching Match each term in Column A with its definition in Column B.
Column A
Column B
1. demand
a. the quantity of a good or service that is offered for
2. Law of Demand
sale
3. supply
b. states that the quantity of supply increases as
4. Law of Supply
prices increase, and decreases as prices decrease
5. market price
C.
the amount of an item that buyers are willing and
6. wage
able to purchase at any price
d. states that the quantity of items demanded increases
and decreases in the opposite direction from changes
in price
e.
the hourly price a worker receives for doing a job
the price at which quantity of supply and quantity
of demand are equal