Supply & Demand JHS

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 what should happen?

• shortages

• close out sales

• surplus

• equilibrium

a person or company that makes, grows, or supplies goods to sell is called the?

• damand
• price
• producer
• shortage

The desire 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

An individual or group who purchases goods is known as...?

• producer

• consumer

• goods

• services

When there is a shortage the price will usually? 

• rise
• fall
• remain the same
• equilibrium

For the law of supply, as price rises, what happens to quantity supplied?

• it goes up
• it goes down
• it stays the same
• it is not effected

What does a “surplus” (extra amount) of goods in a market imply?

• Prices are too high
• Prices are too low
• Supply is too low
• Demand is too high

The United States imports many cars from Japan. Suppose that the price of material(s) that Japan uses in making cars declines. What is the INITIAL (first) effect this will have on the Japanese car manufacturers?

• The input costs of Japanese made cars to the US will increase 
• The quantity supply of Japanese made cars sold in the US will decrease 
• The input costs of Japanese made cars in the US will decrease 
• The quantity demand of Japanese made cars sold in the US will decrease