Economics

How much people want something

• supply
• demand

Something we pay for that we can touch

• goods
• services

A general increase in prices

• price
• inflation
• scarcity
• demand

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur

Something we use

• resource
• scarcity
• demand
• supply

The idea that resources are limited; we don't have an unlimited supply of what we want

• scarcity
• supply
• demand
• inflation

How much of something is available

• supply
• demand

My new Nikes were introduced in May for $129.99, but by December they are being sold for $69.99.  According to the law of supply and demand, which is most likely to be true about the Nikes.

• Supply for the Nikes are was hight but the demand was low.
• Supply for the Nikes was low but demand was high.

If a drought severely reduces the amount of asparagus available to consumers, what would you expect to happen?

• The demand for asparagus will go down.
• The price of asparagus will go up.

If supply of a product is limited, but demand is high, how would the price be affected?

• It would go up
• It would go down