CBSE › Class 7 › Social Science › Understanding Markets (Class 7 NCERT New)
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1. A product used instead of another when prices rise:

2. When a small price change causes a big change in quantity demanded:

3. Government payment to fund public services:

4. Government payment to businesses to encourage production:

5. Additional output from adding one more unit of input:

6. Costs that do not change with production level:

7. According to the law of supply, when price increases, producers will:

8. When quantity supplied is more than quantity demanded:

9. When quantity demanded exceeds quantity supplied:

10. Government system to limit distribution of scarce goods:

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