Scarcity

Front

Bad weather destroyed most of the apple trees on a farm. This will have an effect on the price of the remaining apples. Which statement best describes the effect on the price?

Back

The price will likely increase, because there are fewer apples available to buy.

Front

What is Scarcity?

Back

Not being able to meet all wants at the same time because resources are limited.

Front

Which answer choice is NOT a resource to make an apple pie? Options: apples, flours, chicken, sugar

Back

chicken

Front

Last year, a bakery bought 80 pounds of raisins for $4 a pound. This year, there was a smaller crop of grapes. What will happen to the price of raisins?

Back

The price of raisins will increase.

Front

Weather was warm with enough rain this spring, and the amount of cherries grew double this year than last year. Sammy needs cherries to bake a cherry pie. What will happen to the cost of cherries for Sammy to bake a cherry pie?

Back

Cost to make a cherry pie will decrease

Front

Due to a bumper crop of wheat this year, the supply of flour has increased significantly. What is likely to happen to the price of flour?

Back

The price of flour will decrease.

Front

A new technology has made it easier to harvest oranges, increasing the supply. How will this affect the price of orange juice?

Back

The price of orange juice will decrease.

Front

What happens when demand for a product exceeds its supply?

Back

The price of the product will increase.