Supply and Demand 3rd Grade

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.

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.

What happens if you have a rare football trading card? Your friends really want that card. The supply of that card is low, while demand for it is high.  What will happen to the price of the card?

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

Lucas fixes his friend's sink.  He is providing a _____________.

• trade
• opportunity cost
• product
• service

 Giving a haircut

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

The amount of a good or service that is available to consumers

• Supply
• Demand
• Saver
• Spender

Things that you can buy or sell are called:

• Goods

• Needs

• Services

• Wants

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.

Few farmers have ripe cherries to sell. The supply of cherries is low. But many customers at the market want to buy cherries.The demand for cherries is high.  What will happen to the price of the cherries?

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

Which of these words BEST describes how popular a good (or item) is?

• demand

• supply

• money

• jobs