Supply and Demand
Authored by Katie Villarreal
Social Studies
6th - 8th Grade
Used 26+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
The amount of a good or service people want is called ______________.
surplus
supply
demand
Answer explanation
Demand refers to the amount of a good or service that people want.
2.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
The amount of money exchanged for a good or service is the __________.
price
trade
value
Answer explanation
The amount of money exchanged for a good or service is referred to as the price.
3.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
The amount of goods available is called ___________.
demand
supply
trade
Answer explanation
The correct answer is 'supply'. Supply refers to the amount of goods available.
4.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Any good or service that is more than what is used or needed is a __________.
surplus
supply
scarcity
Answer explanation
A surplus refers to any good or service that is more than what is used or needed. In this context, the correct choice is 'surplus'.
5.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Things that are produced are ____________.
trade
goods
barter
Answer explanation
Goods are the products that are produced.
6.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
When the demand for a good or service is greater than the availability of that good or service, that is called _____________.
supply
scarcity
surplus
Answer explanation
Scarcity occurs when the demand for a good or service exceeds its availability.
7.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
To trade one thing for another without the use of money is __________.
bartering
pricing
supplying
Answer explanation
Bartering is the act of trading without using money. It involves exchanging goods or services directly. In this case, bartering is the correct choice because it accurately describes the process of trading without money.
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