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3 Written questions

3 Multiple choice questions

  1. an economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)
  2. the point at which quantity demanded and quantity supplied are equal
  3. anything that is generally accepted as a standard of value and a measure of wealth in a particular country or region

3 True/False questions

  1. product marketa market in which products are sold by firms and bought by households


  2. price elasticityA measure of the sensitivity of demand to changes in price


  3. economic interdependencethe branch of economics that studies the economy of consumers or households or individual firms


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