Supply and Demand TOGETHER

Front

Supply is how much of a good or service is available to buy.

Back

True

Front

Demand is how much of a good or service people want to buy.

Back

True

Front

When the demand is high, and the supply is low the ________ of goods or services goes up.

Back

price

Front

Supply and demand work hand in hand to raise and______________the price of things.

Back

lower

Front

When the supply of a good is low, and demand is high, what usually happens to the price of the good?

Back

It increases

Front

A restaurant makes a special hamburger. Everyone loves the hamburger and wants to order it. Every night the restaurant runs out of hamburgers after only an hour. What will most likely happen to the price of the burger?

Back

The price of the hamburger will go up.

Front

What situation does the example of a restaurant running out of hamburgers after only an hour represent?

Back

Shortage

Front

A restaurant makes a special hamburger. Everyone loves the hamburger and wants to order it. Every night the restaurant runs out of hamburgers after only an hour. What does this signal about the price of the burger?

Back

It is too low.

Front

What would be the best thing for Maria to do to get people to buy T-shirts during winter when the temperature is cold?

Back

She should lower the price of the t-shirt.

Front

Maria sells T-shirts that she painted, but it's winter and not many people want T-shirts. What is occurring?

Back

Surplus