Markets bingo

Exercise and reference answers

Clues and terms

1. Clue

   Price up, quantity down.

   Item

   Law of demand

2. Clue

   Price up, output up.

   Item

   Law of supply

3. Clue

   Demand meets supply.

   Item

   Equilibrium

4. Clue

   Unsold goods pile up.

   Item

   Surplus

5. Clue

   Buyers cannot get it.

   Item

   Shortage

6. Clue

   Income up, demand up.

   Item

   Normal good

7. Clue

   Income up, demand down.

   Item

   Inferior good

8. Clue

   Legal maximum price.

   Item

   Price ceiling

9. Clue

   Floor under pay.

   Item

   Minimum wage

Instructions

Read each clue and tap the term it describes.

Explanation