3.6 AC Supply and Demand

Front

Which word completes the diagram? Options: budget, demand, price, supply

Back

demand

Front

The caption helps the reader understand _________

Back

why supplies are scarce

Front

Which of the following would result in scarcity? A small town has five toy stores. Drought affects the crops in a region. Tiffany’s chickens produce dozens of eggs. Julissa’s orange orchard has a large harvest.

Back

Drought affects the crops in a region.

Front

Why does the cost of a good usually go down over time?

Back

Fewer people want the good.

Front

Which phrase helps the reader understand the meaning of the word scarcity? Options: product or service, not enough, produce, to sell

Back

not enough

Front

What is an example of scarcity?

Back

Coach Johnson has two bottles of water for the team.

Front

If 8 people want a stuffed animal, is there a scarcity?

Back

Yes, there is a scarcity.

Front

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen?

Back

supply will decrease

Front

What happens to the price of a product when its supply decreases but demand remains constant?

Back

The price increases.

Front

Which scenario best illustrates the concept of demand? A farmer grows more apples than the market can consume. A store has a surplus of unsold winter coats in summer. A factory produces more cars than it can sell. A new smartphone is released, and many people want to buy it.

Back

A new smartphone is released, and many people want to buy it.