Economics Producers and Consumers

Supply is _______________.

• How much oxygen is left in the atmosphere.

• how much someone wants your product.

• how much of a product or service you have.

• the name of the hit song from the band Eco and the Nomics.

Demand is ___________________.

• how much of a service or product you have.

• how much someone wants your product or service.

• the nickname for the coolest guy in school because he is "da man"

• how much money your business makes before taxes.

In economics, a producer is _________________.

• one that has a great love for all produce (apples, oranges, bananas, etc).

• someone that produces plays, television shows, or movies.

• someone that sells a product or service.

• someone that buys products or services.

In economics, a consumer is ____________.

• the guy that consumes the most Doritos at the party.

• anyone that buys goods or services.

• anyone that sells goods or services.

• the meaning of life...spend all the money.

Put the words in the correct blank.

a

b

c

d

good

service

consumer

producer

Producers depend on consumers. ​ (a)  

• True

• False

If a farmer produces more apples than people want to buy, what is likely to happen to the price of apples?

• The price will increase.

• The price will decrease.

• The price will stay the same.

• The apples will become priceless.

When you buy candy, go to the movies, eat in a restaurant or get your teeth cleaned by a dentist, you are a ______

• Consumer

• Producer

Producers depend on consumers. ​ (a)  

• True

• False

True or False

Consumers depend on producers. ​ ​ (a)  

• True

• False