Supply, Demand & Market Basics

What economic law states that as price increases, quantity demanded decreases?

The law of demand

What economic law states that as price increases, quantity supplied increases?

The law of supply

What is the point where supply and demand curves meet, determining the market price?

Equilibrium (market equilibrium)

What do we call the total value of all goods and services produced in a country in a year?

Gross Domestic Product (GDP)

What is inflation?

A general increase in prices and a decrease in the purchasing power of money over time