Supply and Demand

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.

Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?

• 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.

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.

The new Star Wars movie is coming out today!  All of the shows are sold out, but your neighbor is selling his tickets because he can't go.  A lot of people in your neighborhood want to buy the tickets.  What will happen to the price of the tickets?

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

Amazon Prime is selling Smencils.  There are only a few packs left and they are very popular.  What will happen to the price?

• 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

Someone who makes a product to sell is a ____________.

• human resource
• consumer
• producer
• trader

 Giving a haircut

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