What is scarcity?
Labor & Scarcity (3.9A & 3.9B)

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•
Mathematics
•
3rd Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Scarcity is when there are not enough resources to meet all the wants and needs of people.
2.
FLASHCARD QUESTION
Front
What does demand mean?
Back
Demand is how much of a product or service people want to buy.
3.
FLASHCARD QUESTION
Front
What does supply mean?
Back
Supply is how much of a product or service is available for people to buy.
4.
FLASHCARD QUESTION
Front
What happens to prices when demand is high and supply is low?
Back
Prices usually increase when demand is high and supply is low.
5.
FLASHCARD QUESTION
Front
What happens to prices when supply is high and demand is low?
Back
Prices usually decrease when supply is high and demand is low.
6.
FLASHCARD QUESTION
Front
What is the relationship between supply and demand?
Back
Supply and demand work together to determine the price of goods and services.
7.
FLASHCARD QUESTION
Front
What is a market?
Back
A market is a place where buyers and sellers come together to exchange goods and services.
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