Supply and Demand

When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 

• rise
• fall
• stay the same
• Consumer

When the demand for a product or service is higher than the supply this causes what?

• shortage
• consumer
• surplus
• equilibrium

Factors that cause the supply or demand to change to the right or left are called?

• equilibrium

• shifts

• demand

• movement

The ability or willingness a consumer has to purchase a good or a service is called?

• shortage

• supply

• price

• demand

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

The point where supply and demand are balanced is?

• product
• demand
• surplus
• equilibrium

When there is a shortage the price will usually? 

• rise
• fall
• remain the same
• equilibrium

Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?

• The price will go up.
• The price will go down.

The week before Halloween, pumpkin patches all around the country sell lots of pumpkins. What will happen to the price of pumpkins on the day after Halloween?

• The price will go up.
• The price will go down.

 Giving a haircut

• example of scarcity
• example of a service
• example of a good
• example of a consumer