Supply and Demand

What determines the prices of goods and services?

• Supply

• Demand

• Supply and demand

• Goods

A market is said to be in equilibrium when

• when demand is higher than the supply

• when demand is lower than the supply

• when the demand and supply quantities are equal

• when the supply is doubled the demand

Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of...

• shortage

• surplus

• equilibrium

• supply

Mr Gomez goes to the ticket booth to buy tickets for a Bulls game. Mr. Gomez is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available?

• The arena forgot to print enough tickets.

• The supply of tickets was greater than the demand.

• The arena charged too much money for each ticket.

• The demand for tickets was greater than the supply.

What is supply?

• The amount of money you have

• When stores don't have enough of something

• The total amount of goods or services provided

• The cost of labor for a service

An example of goods would be:

• Sunlight in the sky

• Food in a store

• Money in the bank

• Wind

When the supply is low, the demand is:

• stable

• high

• down

• low

Shortages are:

• When there is too little of something

• When there is too much of something

• Lots of Money

• Lots of Food

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?

• The price will go up.
• The price will go down.

Scarcity is...

• school

• a spider

• not having enough