Supply and Demand

Front

What is supply?

Back

The ability and willingness of producers to sell goods at different prices

Front

What is Demand?

Back

The desire and ability of consumers to buy goods or services

Front

An example of goods would be:

Back

Food in a store

Front

An example of a service would be: Buying clothes at a store, Going to the doctor You receive medical advice and treatment, Carrying groceries for a friend for free, Donating clothes to charity

Back

Going to the doctor You receive medical advice and treatment

Front

When the supply is low, the demand is:

Back

high

Front

When the supply is high, the demand is:

Back

Low

Front

Shortages or Scarcity are:

Back

When there is too little of something

Front

If a store has 40 video games, and only 20 people want the video games, does the store have ___

Back

Surplus

Front

If the store doesn't have enough, will the store charge more or less for the video game?

Back

More

Front

If many farmers in your area start growing mangoes, what will most likely happen to the local supply of mangoes?

Back

The supply will increase