GSW Week 8

GSW Week 8

by Patricia Isom

​Supply

​Supply is the amount of a good, (stove). service (hair styling or house cleaning by a housekeeper) or product (Takis)

​Demand

Demand is how much people want to buy a good or service and includes how much they are willing to pay for it.

​

​The hair braider has a line of clients that reaches out of the beauty shop.

​200 people are at Game Stop to buy a new gaming system.

​People are at the store to buy toilet paper

​When does equilibrium (balance) happen?

​When consumers (people who buy stuff) get what they want from the supplier, (the maker of the products) at a fair price this is called equilibrium.

Multiple Choice

Suppliers and consumers depend on each other. This is _______.

• independence

• interdependence

• potentials

• suppliers

Multiple Choice

There are 60 Xbox systems at a store but there are 600 people standing in line to buy one. This is an example of _____.

• high supply

• high demand

Multiple Choice

There are 800 Supersonic Cutie Pie brushes in a store and they cost $3,000 each. 80 people want to buy one of these brushes. This is an example of ______.

• high demand

• high supply

• high supply and demand

• high supply and low demand

Multiple Choice

When supply and demand are ______,the economy is at equilibrium.

• similar

• unequal

• interpersonal

• equal