Supply and Demand

Front

Which of these is neither a good nor a service? 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?

Back

supply

Front

In general, 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

Amazon Prime is selling Smencils. There are only a few packs left and they are very popular. What will happen to the price?

Back

The price will go up.

Front

What a business has left after all the bills have been paid? Options: supplies, taxes, profit, debt

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:

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