17. A ______________ is an equivalent or comparable good or service, which can drop demand for the original good or service, lowering prices over time.(1 point)

Responses

market
market

substitute
substitute

sale
sale

price point
price point

substitute

Which of these BEST represents a capital investment for a company?

-buying new equipment

A computer programmer, bank teller, and construction worker are all examples of
-human resources

Getting the goods and services that you want by offering a different good or service (not money) as payment is called _____________________________.
-Bartering

Maria goes on a shopping trip to get ready for her vacation. She loads her cart with a new purse for $12.00, a sun hat for $4.00, magazines for $6.00, and a beach towel for $4.00. When she gets to the register, she realizes she only has $20.00 in her pocket. Use the passage to answer the question. If Maria decides to purchase the sun hat, towel, and bathing suit, what is the opportunity cost of her purchase?
-The magazines

According to the law of demand, what role do low prices serve for buyers?
-Reward

How does scarcity affect customers?
- Limited money and resources forces consumers to make choices.

Which of the following goods or services is an import to the United States?
- Oil bought by the United States from the Middle East.

Which of the following is a characteristic of a Command Economy?
- Government control.

Which of these is an example of a monetary incentive?
- Earning an allowance for doing chores.

Which situation is more likely to occur in a Market Economy than a Command Economy?
-A citizen designs a new game and opens a store to sell it.

Trade barriers are designed to protect producers in the country from being put out of business by foreign producers with lower prices & to prevent trade deficits from happening.
- True.

When are equilibrium prices achieved?
- When supply equals demand.

Match the resources with the kind of resource they belong to.
- Natural: coal, Human: chef, Capital: computer.

A surplus​​​​​​​ means that a business made too much and may waste money on resources making products that will not get used or be thrown out.
- Surplus.

What does a relative price compare?
- The price of one good or service compared to another similar one.

A popular cell phone manufacturer begins selling a new phone with many unique features and is improved. Lots of people want to buy the new phone. The old phone cost $149.00. What is the most likely price of the new phone?
- $199.

A substitute is an equivalent or comparable good or service, which can drop demand for the original good or service, lowering prices over time.
- Substitute.

The law of demand describes the relationship between prices and demand.
- Demand.

If many buyers want a good or service that is in low supply, the price will most likely increase.
- Increase.
Price competition in the market, including price wars between competitors, typically benefits the consumer (buyer).
- Consumer (buyer).

Correct!

The correct answer is substitute.

The correct answer is "substitute". A substitute is an equivalent or comparable good or service that can be used in place of another. When a substitute becomes available in the market, it can potentially decrease the demand for the original good or service. This decrease in demand can lead to lower prices over time as businesses try to remain competitive. To understand the concept of substitutes and their impact on prices, you can study market trends, consumer behavior, and analyze the competition in the market. By identifying potential substitutes, you can assess their impact on the demand for a product and predict the potential changes in prices.