Law of Demand Definitions

Based on year 10 economics, type in the correct term for each definition

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Last updated: June 13, 2021

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First submitted	June 13, 2021
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Hint	Answer
Of shortage, or of limited supply, affecting economic and personal value	Scarcity
Next best spending alternative given up	Opportunity Cost
Limited Resources, like skills, income, and time	Means
Things that you are willing and able to buy, or don't necessarily need	Wants
Beliefs or ideas that influence our decisions	Values

Hint	Answer
High Quantity (demanded) + Low cost = High Demand, and vice versa	Law of Demand
How much a product or service is wanted, based on quantity and cost	Demand
'Holding everything as the same'	Ceteris Paribus
The intercept of Quantity Supplied and Quantity Demanded on a Demand graph	Equilibrium