Shortage and Surplus Quiz

situation in which supply is greater than demand

• wants

• needs

• shortage

• surplus

a situation in which demand is greater than supply

• wants

• needs

• shortage

• surplus

Not enough of something for everyone

• shortage

• surplus

• interdependence

• export

More than enough of something for everyone

• scarcity

• surplus

• shortage

• service

An extreme shortage of something

• scarcity

• surplus

• economic choice

• opportunity cost

If there is 1,000 halloween costumes at the store and 800 people want to buy a costume is there a shortage or surplus of costumes?

• shortage

• surplus

Define Shortage

• more people want an item than is available for purchase

• more items available for sale than people want to purchase

Define Surplus

• more items available for sale than people want to purchase

• more people want an item than is available for purchase

Sometimes stores will put things on sale so that there won't be a surplus of goods leftover.

• True

• False

If the store has 100 packs of toilet paper and 200 people want to buy it, is it a shortage or surplus?

• shortage

• surplus