Econ Supply and demand

What is SUPPLY?

• the amount of goods or services available.

• the amount of goods or services people want and can buy.

A hurricane caused a shortage at the store of water bottles. There is not enough for everyone to buy. The store changed the price. What do you think happened to the price?

• The price went higher.

• The price went lower

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

The using up of a resource

• scarcity
• supply
• services
• consumption

What will happen to the price of shoes if shoe producers have to pay higher wages to their workers?

• The price will increase

• The price will decrease

When the demand curve has shifted to the right, this suggests demand has

• increased

• decreased

• quantity demanded has increased

• quantity demanded has increased

When price decreases, quantity supplied

• increases

• decreases

When price increases, quantity supplied

• increases

• decreases

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus