Scarcity

Bad weather destroyed most of the apple trees on a farm. This will have an effect on the price of the remaining apples. Which statement best describes the effect on the price?

• The price will likely decrease, because there are more apples available to buy.

• The price will likely increase, because there are more apples available to buy.

• The price will likely increase, because there are fewer apples available to buy.

• The price will likely decrease, because there are fewer apples available to buy.

What is Scarcity?

• Needs and wants

• Not being able to meet all wants at the same time because resources are limited.

• Materials are used to produce goods and services.

• Product or service

Which answer choice is NOT a resource to make an apple pie?

• apples

• flours

• chicken

• sugar

Last year, a bakery bought 80 pounds of raisins for $4 a pound. This year, there was a smaller crop of grapes. What will happen to the price of raisins?

• The price of raisins will stay the same.

• The price of raisins will decrease.

• The price of raisins will increase.

• There's not enough information to answer this question.

Weather was warm with enough rain this spring, and the amount of cherries grew double this year than last year. Sammy needs cherries to bake a cherry pie. What will happen to the cost of cherries for Sammy to bake a cherry pie?

• Cost to make a cherry pie will decrease

• Cost to make a cherry pie will increase

• Cost to make a cherry pie will stay the same

• There's not information to answer this question.