Excess Supply Quiz

occurs when there is excess supply than consumer demand.

refers to dishonest or fraudulent behavior by people with power such as managers.

refers to state or condition in which people do not have minimum standard of life deemed accepted by the society.

what is the two scope of economics

The amount of goods and services consumers are willing to buy or purchase at a certain price.

tates that quantity purchased varies inversely with price, the higher the price, the lower the quantity demanded and vice versa

All else equal” or “All remain constant” and Price is the only determinant that affects changes in the quantity!

The amount of goods and services producers are willing to sell at a certain price.

states that quantity supplied is directly proportional with price, the higher the price, the higher the quantity supplied and vice versa

To get one thing, we usually have to give up something else