Scarcity Quiz

What is a consumer?

• A customer

• A person who creates goods

• A person who does services

What is a producer?

• People who create goods or services for profit.

• Products that you can buy.

• To have not enough of something you need or want.

You go to the store to buy toilet paper and there is none left. What is this an example of?

• goods

• services

• demand

• scarcity

If a lot of people want a product, then will the price go up or down?

• up

• down

What happens if more people want a product than the store has available?

• They will have high demand but low supply.

• They will have low demand but high supply.

Which of the following is an example of a producer?

• chef

• hair stylist

• baker

• all of these

What are goods?

• services people offer for money

• products people make or produce for money

• the opposite of bad

If nobody wants to buy a product, will the price go up or down?

• down

• up