Economics (supply/demand)

The amount of a goods or services available is (supply/demand)

(a)  

How much people want a good or service is (supply/demand)

(a)  

Toys cost more before Christmas because _________.

• demand is higher.

• demand is lower.

• toys cost more to make in the winter.

• stores only have sales in the summer.

Answer explanation

Christmas is coming up people will want more toys. The demand for toys is higher!

What are buyers?

• People that make goods/services

• People that take goods/services places

• People that buy goods/services

• People that give away goods/services

If a buyer does not want to pay the seller, what happens?

• They make their own phones

• The price lowers

• The price gets higher

• They convince the seller to trade with them

A timeline provides ____________.

• a list of people

• a picture of the past

• details about a person's life in order

• an order of events by numbers/dates

Income is money you get in a (day/month)

(a)  

Using a budget, how can you figure out how much you saved in a month?

• add up all of your spending

• subtract your total income from your total spending

• add up all of your savings

• subtract your total income from your total saved

Answer explanation

Always subtract to find your savings!

Surplus means that there is ___ of a supply.

• less

• good

• want

• more

Scarcity means there is ___ of a supply.

• less

• goods

• want

• more