Law of Demand Definitions

Based on year 10 economics, type in the correct term for each definition
Quiz by CompleteTwaddle
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Last updated: June 13, 2021
First submittedJune 13, 2021
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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
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