Grade 9C - Second Quarter Review

These are all the meanings of Shortage EXCEPT:

• When there is a temporary unavailability of goods.

• All resources in the world are limited.

• When the demand is higher than the supply.

• There is a lack of products in a short amount of time.

What is an example of Scarcity?

• Chicken joy is not available today.

• Lack of facemask during pandemic.

• Empty shelves when people are panic buying.

• There is only 7 Billion People living in the world today.

What is Demand?

• It is the amount of products that the consumers are willing and capable of buying.

• It is the amount of products that the producers are willing to make.

• It is the amount of products that are available inside the market.

• It is the amount of products needed in order to start a production of goods.

What is the meaning of Supply?

• It is the amount of product the producers are willing to make and is available in the market.

• It is the amount of product the consumers are willing and capable of buying.

• It is the amount of product needed to start a production line.

• It is the amount of product that exists in this world.

What is the Law of Demand?

• If the prices increases, the demand decreases

• If the prices increases, the demand also increases

• If the prices decreases, the demand also decreases

• If demand increase, prices increases

What is the Law of Supply?

• If prices increases, supply also increases

• If prices decreases, supply increases

• If prices increases, supply decreases

• If prices increase, there is no change in supply.

Who is the mathematician who made the formula for the elasticity of demand?

• Alfred Marshall

• Alfred Butler

• Alfred Monteclar

• Alfred Capet

What is the Elasticity of Demand?

• It is the sensitivity of the demand when there is a change of price.

• It is the increase of demand when there is a decrease of price.

• It is the limitation of the demand despite infinite increase of price.

• It is the power of the demand to change the prices in a given market.

What is the elasticity of supply?

• It is the sensitivity of the supply when there is a change of price.

• It is the increase of supply if there is a change in price.

• It is the limitation of supply if there is a change in price.

• It is the power of the supply to change the demand.

What kind of elasticity of demand is this?

• Perfectly Elastic

• Perfectly Inelastic

• Unit Elastic

• Inelastic