Studies Weekly Economic Principles Assessment

Front

Supply means how much of something is available.

Back

True

Front

True or False: If a lot of people want something, that means the demand is low.

Back

False

Front

What is one way to tell if a product is scarce?

Back

There are long lines at the store

Front

True or False: Opportunity cost means you give up one thing to get something else.

Back

True

Front

If supply is high, prices will…

Back

Decrease

Front

Prices for items will _____ if demand is high.

Back

Increase, grow, go up, rise, get bigger, more