Economic Review Third grade

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.

If a girl has 1 sucker that she wants to sell, and a LOT of people want to buy it, what will she likely do?

• increase the price

• keep it

• decrease the price

Which of these words BEST describes how popular a good (or item) is?

• money

• supply

• demand

• jobs

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 stay the same.

• The price will increase

• They will be free.

Things that you can buy or sell are called:

• Goods

• Needs

• Services

• Wants

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

• Supply

• Saver

• Demand

• Spender

Giving a haircut

• example of a service

• example of a consumer

• example of scarcity

• example of a good

Scarcity means:

• Too much of something you wanted

• Not enough of something you wanted

• The exact amount of something you wanted

If 5 people want an ice-cream, is there a scarcity?

• No, there is not a scarcity.

• Yes, there is a scarcity.

If 6 people want a pencil, is there a scarcity?

• Yes, there is a scarcity.

• No, there is not a scarcity.