Understanding Supply and Demand

What did Justin decide to buy on a hot day at the park?

• Coffee

• Water

• Ice cream

• Soda

Why did the price of the ice cream flavor Justin wanted increase?

• It was a very hot day

• It was the last scoop

• The vendor was closing soon

• Many people wanted it

What did Justin use to explain supply and demand?

• A video game with new characters

• A science experiment using baking soda and vinegar

• A personal story about ice cream

• A history book

What does 'supply' refer to in economics?

• How much a product costs

• How many items are available

• How much people want a product

• How often a product is sold

What happens to prices when demand is high but supply is low?

• Prices remain the same

• Prices increase

• Prices fluctuate

• Prices decrease

What might cause the price of school supplies to increase?

• During winter

• After school ends

• Right before school starts

• During school vacations

When is a good time to buy a coat according to supply and demand principles?

• In winter

• In summer

• During a sale

• When it's raining

What is likely to happen to the price of strawberry ice cream if it's in excess supply?

• Price goes up

• Price goes down

• Price stays the same

• Price is removed

Why might it be smart to buy a bathing suit in the fall?

• It's the newest fashion

• It's the start of the swimming season

• Stores offer holiday discounts

• Fewer people are buying them

What should you keep an eye out for to see examples of supply and demand?

• playing

• Studying

• shopping

• reading a book