Supply and Demand

Supply and Demand

What is supply?

Supply is the amount of something that is available.

What is demand?

Demand is the amount of something people actually want or need.

Multiple Choice

Scarcity

• When you're scared

• A city in North Carolina

• When there is not enough of something

Scarcity

when there is not enough of something

Multiple Choice

Resource

• Something a person can have

• A pancake topping

• A type of book

Resource

something a person can have and use when needed, like

money,

time,

space,

and materials

What is profit?

Profit is "extra" money that is left over after a company pays the costs of getting a product to consumers.

When the supply of goods is very high and the demand is low, the price will be lower. When the supply of goods is low and the demand is high, the price will be higher.

Multiple Choice

If a girl has 1 sucker that she wants to sell, and a LOT of people want to buy it, what will she likely do?

• increase the price

• decrease the price

• keep it

Multiple Choice

If there is a huge demand for an item and the supply is very low, what will happen to the price?

• The price will decrease
• The price will increase
• The price will stay the same.
• They will be free.

Multiple Choice

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?

• The price will go up.

• The price will go down.

Multiple Choice

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?

• The price will go up.

• The price will go down.

Multiple Choice

Weston bought a picture frame for $3 at a thrift store. He paid $2 for paint to update it. He sold the frame for $15. How much profit did he earn?

• $20

• $13

• $12

• $10