Social Studies Weekly 5th Grade "Economic Principles"

A _________________ is someone who makes a good or provides a service.

• consumer

• producer

• economist

• supplier

People who buy goods and services are called ______________.

• producer

• consumer

• economist

• supplier

When a consumer doesn't buy enough of a good or service it may cause producers to _________ the cost of it.

• increase

• remove

• decrease

• cancel

Both producers and consumers affect the price of goods and services?

• True

• False

If consumers are buying too much of a product the producer may _____________ the price of the product

• decrease

• increase

• not change

_____________ is the amount of product that is available.

• Supply

• Demand

• Surplus

• Scarcity/shortage

______________ is the amount of product people actually want or need.

• Supply

• Demand

• Suplus

• Scarcity/shortage

When there's a greater supply of something than a demand for it, it's called a __________.

• supply

• demand

• surplus

• scarcity/shortage

____________ is not having enough of something.

• Supply

• Demand

• Scarcity/shortage

• Surplus

Which of the following is the result of scarcity of water?

• abundance of crops

• plenty to eat

• fewer crops for harvesting

• easy production of electricity