Economics Principles 4th

The desire or willingness a consumer has to purchase a good or a service is called?

• shortage
• supply
• price
• demand

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

What happens to the price of objects when the demand for them is low?

• The price will go down
• The price will go up
• The price will stay the same
• They will be free

If there is a huge demand 📈for an item and the supply is very low📉, what will happen to the price?

• The price will decrease
• The price will increase
• The price will stay the same.
• They will be free.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

• The supply will probably go up

• The supply will probably go down

What determines the prices of goods and services?

• Supply

• Demand

• Supply and demand

• Goods

Who buys goods or services?

• Producers 
• consumers 

Physical items that you can touch and see are called:

• Goods
• Needs
• Services
• Wants

Jobs that people do for others are called.....

• Resource
• Services
• Producers 

 Giving a haircut

• example of scarcity
• example of a service
• example of a good
• example of a consumer