Social StudiesQuestion 97 of 120
In an economy, what does the term 'supply' refer to?
a.The amount of a good producers offer for sale
b.The desire of consumers to buy a good
c.The total money in a bank
d.The tax on a product
Explanation
Supply is the quantity of a good or service that producers are willing to offer at various prices. Demand, by contrast, is what consumers want to buy. Together, supply and demand influence market prices.
Practice all 120 questions free — no signup required.
Related questions on this topic
- Which document begins with the words 'We the People' and establishes the framework of the U.S. government?
- The U.S. government is divided into three branches. Which branch makes the laws?
- What is the main purpose of the Bill of Rights?
- Which right is protected by the First Amendment?
- The American Civil War (1861-1865) was fought largely over which issue?
- What is inflation?
Last reviewed: · editorial process
PrepPass Editorial Team · Verified against GED (General Educational Development) · How we review