Economic Principles Week 6

A ________________ occurs when there is a greater supply of something than a demand for it.

• surplus

• demand

• supply

• inventory

A ________________ is not having enough of something.

• opportunity cost

• supply

• demand

• scarcity

____________________ is mtually relying on each other to get things done.

• Interdependence

• Training

• Importing

• Exporting

________________ is when you buy, sell, or exchange a good or service for something else you want or need.

• Interdependence

• Trade

• Import

• Export

Someone who makes a good or provides a service.

• Producer

• Consumer

• Supply

• Demand

A person who buys goods and services.

• Producer

• Consumer

• Supply

• Demand

The amount of product that is available.

• Producer

• Consumer

• Supply

• Demand

The amount of product people want or need.

• Producer

• Consumer

• Supply

• Demand

How does supply and demand affect the price of goods and services?

Purchasing is trading goods without using money.

• True

• False