Economics

Chapter 5 ‘Demand and Supply’ Vocabulary Assessment

Matching

1. Demand A. the quantity of a good or service that consumers are both willing and able to buy
at various prices
2. Demand schedule
B. the quantity of a good or service that producers are willing and able to offer for
3. Demand curve
sale at various prices
4. Change in demand
C. a list of the quantities of a good that one person will buy at various prices
5. Supply
D. an increase or decrease in supply (the quantity of a good or service that
6. Supply schedule producers are willing and able to offer for sale) as a result of a change in factors
other than price
7. Supply curve
E. a graph that shows the relationship between price and the quantity that
8. Change in supply producers are willing and able to supply

F. a table that shows the quantities supplied at different prices in a market

G. an increase or decrease in demand (the quantity of a good or service that

consumers are willing and able to buy) as a result of a change in factors other
than price

H. a graph of the relationship between the price of a good or service and the
quantity buyers are willing and able to buy

Fill-in-the-Blank

9. _____ is an economic law stating that as the price of a good or service increases, the quantity demanded decreases,
and vice versa.

10. _____ is an economic law stating that as the price of a good or service increases, the quantity supplied increases,
and vice versa.

11. A _____ is a product that satisfies the same basic want as another product.

12. A government payment to a supplier of goods or services, designed to help that supplier continue to operate, is
known as a _____.

13. A factor other than price that can cause a change in demand for a good or service is called a _____.

14. A factor other than price that can cause a change in the supply of a good or service is called a _____.

15. Something being _____ means it is responsive to a change in price, applied to either supply or demand.

16. Something not being responsive, or only slightly responsive, to a change in price, applied to either supply or
demand, is known as being _____.

17. A _____ is a product that is used or consumed jointly with another product; tennis rackets and tennis balls are one
example.
Word Bank (not all used)

A. Quantity demanded G. Change in quantity supplied M. Elasticity of supply

B. Market demand H. Excise tax N. Unitary elastic supply
C. Quantity supplied I. Elasticity O. Supply chain
D. Change in quantity demanded J. Elasticity of demand P. Total revenue
E. Market supply K. Unitary elastic demand
F. Revenue L. Total revenue test

18. the total amount received by a business for selling a good or service; it is calculated by multiplying the quantity of a
good or service sold by its price

19. a tool used by producers to gauge the impact of a change in price on revenues earned; it is also used by economists
to determine the elasticity of demand for a good or service

20. the sum of all the individual quantities demanded in a market

21. the network of people, organizations, and activities involved in supplying goods and services to consumers

22. the amount of a good or service that consumers are willing and able to buy at a specific price

23. the sum of all the individual quantities supplied in a market

24. the amount of money a firm receives in the course of doing business

25. the amount of a good or service that producers are willing and able to offer for sale at a specific price
Economics
Chapter 5 ‘Demand and Supply’ Vocabulary Assessment

Matching

1. _____ 3. _____ 5. _____ 7. _____

2. _____ 4. _____ 6. _____ 8. _____

Fill-in-the-Blank

9. __________________________________________ 14. __________________________________________

10. __________________________________________ 15. __________________________________________

11. __________________________________________ 16. __________________________________________

12. __________________________________________ 17. __________________________________________

13. __________________________________________

Word Bank

18. _____ 20. _____ 22. _____ 24. _____

19. _____ 21. _____ 23. _____ 25. _____