Supply and Demand

What is demand?

• The amount of goods being made

• How many people want or need something

• Where to find a good

• The person who makes a good

What is a surplus?

• When the supply of a good or service is more than the demand.

• What you give up in order to buy something.

• A trading system.

• A season.

______ Is the value of what you give up when you make a choice.

• Trade

• Supply

• Demand

• Opportunity Cost

Focusing on making one product or service to sell or to trade is called...

• Talent

• Bartering

• Specialization

• Surplus

What is it called when we trade goods without the use of money

• Bartering

• Stealing

• Scarcity

_____ Are goods brought IN from other countries

• Imports

• Exports

______ are goods sent OUT to other countries.

• Imports

• Exports

Sometimes governments create laws to protect consumers and workers. These are called

• Rules

• Notes

• Regulations

Ms. Downey and Ms. Dewald reward students with Dojo points in order to encourage participation. This is an example of an...

• Incentive

• Import

• Surplus

• Specialization

When supply is low and demand is high prices...

• Go up

• Go down