Supply and Demand

What is supply?

• The amount of money you have

• When stores don't have enough of something

• The total amount of goods or services provided

• The cost of labor for a service

What is Demand?

• Food in a store

• The total amount of goods or services provided

• How much money a person has

• The amount of goods and services provided that a person pays an amount for

An example of goods would be:

• Sunlight in the sky

• Food in a store

• Money in the bank

• Wind

An example of a service would be:

• Buying clothes at a store

• Mowing a lawn for a company and getting paid

• Carrying groceries for a friend for free

• Donating clothes to charity

When the supply is low, the demand is:

• stable

• high

• down

• low

When the supply is high, the demand is:

• high

• stable

• Low

• all over the place

Shortages are:

• When there is too little of something

• When there is too much of something

• Lots of Money

• Lots of Food

If a store has 25 video games, and 40 people want the video games, does the store have enough?

• Yes

• No

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

• Less

• More

The video game costs $25. Now everyone wants it, so now the video game costs more, which is:

• $15

• $20

• $35

• $22