Supply & Demand-7th Grade

The law of demand states that if the price of CD’s rise, consumers will

• Buy more CDs
• Buy fewer CDs
• Quantity demanded will not change

Tags

CCSS.RI.6.7

CCSS.RI.7.7

CCSS.RI.8.7

CCSS.RL.6.7

CCSS.RL.7.7

The law of supply states that if the price of CD’s rise, suppliers will

• Supply more CDs
• Supply fewer CDs
• Quantity supplied will not change

Which of the following will cause an increase in demand for snowboards?

• More costly production methods 
• A decrease in the price of lift tickets at resorts in Colorado 
• A decrease in consumer income   
• A decrease in the population 

Americans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer. What happens to the market for gasoline?

• Demand for gasoline will decrease 
• Demand for gasoline will increase
• Demand for gasoline will stay the same

Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?

• Demand for gasoline will decrease 
• Demand for gasoline will increase
• Demand for gasoline will stay the same

When quantity demanded exceeds quantity supplied at a certain cost

• shortage
• fad
• search costs
• surplus

Tags

CCSS.HSF-LE.A.1B

What is demand?

• The amount producers are willing and able to make
• The amount consumers are willing and able to buy
• A heavy water-proof cloth, generally of tough canvas
• A fictional horse-like creature depicted with a horn and hooves

What is a shortage?

• When supply is greater than demand
• When demand is greater than supply
• When supply and demand are equal
• When supply and demand move

What is a surplus?

• When supply is greater than demand
• When demand is greater than supply
• When supply and demand are equal
• When supply and demand move

What is the law of demand?

• As price increases, demand increases
• As price increases, demand decreases
• As supply increases, demand decreases
• As supply increases, demand increases