Economy Review 2nd Grade

_____________ sell goods or services.

• supply

• demand

• producers

• consumers

_______________ buy goods or services.

• supply

• demand

• producers

• consumers

_________ is the amount of a product available for sale.

• supply

• demand

• producer

• consumer

___________ is how popular a product is, or how many people want to buy a product.

• supply

• demand

• producer

• consumer

Farmers, firefighters, and doctors are all ________________ who provide goods or services.

• producers

• consumers

When we buy a ticket to go to a baseball game, we are ______________.

• producers

• consumers

If supply is high and demand is low, a producer could do this to make consumers want to buy!

• Raise the price of the product

• Put the product on sale

• Not sell the product again

When demand is high and supply is low, this often happens...

• Price is lowered

• People do not buy the product

• Price is raised

Apple comes out with the iPhone 12, what happens to the price of the iPhone 11?

• Price is the same

• Price is raised

• Price is lowered

Is this a NEED or a WANT?

• Need

• Want