NTI Day 4 Questions

Front

What does more producers mean for supply?

Back

More producers means more supply.

Front

What happens to the price when the supply of a good increases?

Back

The price usually decreases.

Front

What can disrupt the supply of certain goods?

Back

Events like hurricanes or droughts.

Front

What happens to the price when the supply decreases?

Back

The price usually increases.

Front

How can new technology affect the cost of making goods?

Back

New technology can make it cheaper to make goods.

Front

What is supply?

Back

Supply is the amount of a good or service that producers are willing to sell.

Front

What is demand?

Back

Demand is the amount of a good or service that consumers are willing to buy.

Front

What is the relationship between supply and price?

Back

When supply increases, price tends to decrease; when supply decreases, price tends to increase.

Front

What is a producer?

Back

A producer is someone who makes or provides goods and services.

Front

What is a consumer?

Back

A consumer is someone who buys and uses goods and services.