Supply and Demand

It's December in Michigan and many people need snow boots. There are not many boots available in stores. The supply for boots is ____?____.

• Low

• High

It's December in Michigan and many people need snow boots. There are not many boots available in stores. The demand for boots is ____?____.

• Low

• High

Yesterday, a new restaurant opened in town. There was a long line of people waiting to be seated. What was scarce?

• People

• Food

• Seats

What is scarcity?

• When there is not enough of something.

• what you give up in order to get what you want most.

• the amount of a good or service that is available.

• How much people want the good or service.

What is Supply?

• When there is not enough of something.

• what you give up in order to get what you want most.

• the amount of a good or service that is available.

• How much people want the good or service.

What is Demand?

• When there is not enough of something.

• what you give up in order to get what you want most.

• the amount of a good or service that is available.

• How much people want the good or service.

Our school is having a Bake Sale. There are plenty of cookies but the cupcakes are almost gone. What is scarce?

• Cookies

• Cupcakes

• Shoppers

When summer comes it gets much hotter outside. During hot weather, the DEMAND for jackets would be __?__.

• High

• Low

When you have a lot of an item, the SUPPLY is __?__.

• High

• Low

When a lot of people want an item, the DEMAND is __?__.

• High

• Low