Economic Principles

What is supply?

• the amount of something that is available

• the amount of something people actually want/need

What is demand?

• the amount of something that is available

• the amount of something people actually want/need

Tags

CCSS.HSS.IC.A.1

Limited availability of resources/not enough of something.

• scarcity

• surplus

A new movie came out last week. Tickets were sold out everywhere. Is the availability of tickets scarce or surplus?

• scarce

• surplus

In February, you can find heart-shaped candy shaped in every store. There is enough for everyone.

Are heart-shaped candies scarce or available?

• scarce

• surplus

Does this show scarce or surplus?

• surplus

• scarce

Does this show scarce or surplus?

• surplus

• scarce

Tags

CCSS.HSA.CED.A.2

CCSS.HSA.CED.A.3

CCSS.HSA.REI.C.6

When a resource becomes scarce, what happens to its cost?

• the cost increases

• the cost stays the same

• the cost decreases

• the cost doubles

Tags

CCSS.HSA.CED.A.2

CCSS.HSA.CED.A.3

CCSS.HSA.SSE.A.1

Which of the following would result in scarcity?

• Tiffany’s chickens produce dozens of eggs.

• Julissa’s orange orchard has a large harvest.

• A small town has five toy stores.

• Drought affects the crops in a region

Study the image. Which idea is supported by the photograph?

• the supply of ice cream is low

• ice cream is too expensive to buy

• the demand for ice cream is high

• ice cream is not a good product to sell