Supply and Demand

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.

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.

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.

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'.

Things that are produced are ____________.

• trade

• goods

• barter

Answer explanation

Goods are the products that are produced.

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.

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.

Things people do to satisfy a want is a _____________.

• good

• service

• barter

Answer explanation

People satisfy a want by providing a service, which means offering assistance or performing a task for others.

Imagine you and your friends decide to open a snow cone stand in your town. You notice that on hot days, more people come to buy snow cones. How does the demand for your snow cones change with the weather?

• When it is hot, demand for snow cones goes up.

• When it is cold, demand for snow cones goes up.

• When it is hot, demand for snow cones stays the same.

Answer explanation

On hot days, demand for snow cones goes up.

A popular video game is about to be released, and many gamers are eagerly waiting for it. Everyone wants to have it. How does the high demand for this game affect its price?

• The price of the game goes down.

• The price of the game stays the same.

• The price of the game goes up.

Answer explanation

The high demand for the game causes the price to increase, making it more expensive for gamers.