Supply and Demand JP

Front

Which of these is neither a good nor a service? Options: A gallon of gasoline, A piano lesson, A meal at a restaurant, A $20 bill

Back

A $20 bill

Front

The amount of goods or services available is called? Options: supply, demand, producer, consumer

Back

supply

Front

If the price of a good or service goes down, what happens to the demand for that good or service?

Back

demand goes up

Front

What will happen to the price of Smencils on Amazon Prime when there are only a few packs left and they are very popular?

Back

The price will go up.

Front

What a business has left after all the bills have been paid?

Back

profit

Front

Lucas fixes his friend's sink.  He is providing a _____________.

Back

service

Front

Physical items that you can touch and see are called: Goods, Needs, Services, Wants

Back

Goods

Front

A person or company that makes, grows, or supplies goods to sell is called the?

Back

producer

Front

The desire or willingness a consumer has to purchase a good or a service is called?

Back

demand

Front

When the demand for a product or service is higher than the supply, this causes what?

Back

shortage