Supply and Demand - Final

Supply is how much of a good or service is available to buy.

• True

• False

Demand is how much of a good or service people want to buy.

• True

• False

When the demand is high, and the supplyis low the ________of goods or services goes up.

• price

• goods

• service

• consumer

You are a __________;you buy things like video games and sneakers.

• price

• consumer

• goods

• services

Things that people make or grow are called_____________.

• goods

• services

• consumers

• price

Supply and demand work hand in hand to raise and______________the price of things.

• raise

• lower

• consumer

• price

When people work for others; it is called a_______________, like a doctor or bus driver.

• goods

• consumer

• price

• service

Lucas fixes his friend's sink. He is providing a_____________.

• trade

• opportunity cost

• product

• service

When the supply of a good is low, and demand is high, what usually happens to the price of the good?

• It goes up

• It goes down

• It doesn't change

A restaurant makes a special hamburger. Everyone loves the hamburger and wants to order it. Every night the restaurant runs out of hamburgers after only an hour. What will most likely happen to the price of the burger?

• The price of the hamburger will go up.

• The price of the hamburger will go down.

• The price of the hamburger will not change.