Economics Review

A useful material found in the environment

• Natural Resource

• Scarcity

• Renewable Resource

• Economics

A resource that Earth or people can replace is

• Economics

• Renewable Resource

• Nonrenewable Resource

• Scarcity

A resource that can't be replaced in a short period of time

• Scarcity

• Renewable Resource

• Nonrenewable Resource

• Economics

The desire for a certain good or service

• Supply

• Demand

• Economics

• Renewable Resource

The amount of a good or service available

• Economics

• Natural Resource

• Demand

• Supply

This occurs when the supply is low and the demand is high

• Natural Resource

• Scarcity

• Economics

• Demand

If the demand is low, the price will be

• High

• Low

If the weather was cold and rainy, the demand for lemonade would be...

• High

• Low

If the weather was hot and sunny, the demand for lemonade would be...

• High

• Low

If you charged too much for a cup of lemonade, the demand would be...

• High

• Low