Supply and Demand

What is supply?

• How much of a good or service there is.

• Items to buy.

• Things you need.

• How much something costs.

What is demand?

• How much of a good or supply there is.

• Items we buy.

• How much people want a product or service.

• The things we need.

What is a shortage, or lack of supply, of a product?

• competition

• profit

• specialize

• scarcity

What might happen if the demand for a new type of sneaker began rising quickly?

• The manufacturer would make fewer sneakers.

• The sneaker company would raise the price of the sneakrer.

• People would refuse to pay more money for sneakers.

• The sneaker company would lower the price for sneakers.

Which of these is neither a good nor service?

• A gallon of gasoline.

• A piano lesson.

• A meal at a restaurant.

• A $20.00 bill

Which condition would lead to higher prices?

• Low supply, high demand

• High supply, high demand.

• High supply, low demand.

Why do prices go down when consumers start saving money?

• Consumers become less willing to spend money on goods and services.

• Manufacturers start producing fewer products.

• Demand for currency goes up as people begin saving.

• Demand for goods begins to outspace supply.

What are "goods"?

• Natural resources that supply Earth.

• Actions or things you have done.

• Money or investments

• Material (physical) things you can buy.

What is an example of a service?

• Bannas, tennis rackets, and shoes.

• Things to buy.

• Getting a haircut.

• None of the above.

How do you feel about the topic of Economics?

• I got it!

• I don't know any of these terms.

• I need more time to learn.