Supply and Demand

Who buys goods or services?

• Producers 
• consumers 

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.

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.

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

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

• Supply
• Demand
• Saver
• Spender

Tasks completed for you by other people or by machines 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.

 Giving a haircut

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

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.

Tags

CCSS.HSF-LE.A.1B