Supply & Demand

_________ are people and businesses that use resources to make goods and services.

• Consumers

• Producers

• Services

• Scarcity

___________ are people who buy or use goods and services to satisfy their needs and wants.

• Consumers

• Producers

• Surplus

• Scarcity

A________ is an object that people want.

• surplus

• shortage

• good

• service

A _________ is an action that someone does for someone else.

• want

• consumers

• good

• service

Producers increase prices when the demand is greater than the _________.

• good

• produce

• scarcity

• supply

Supply is ________ than demand when the producers decrease prices.

• greater

• less

• below

• price

A________ is when there is more of a good available than people will pay at its price.

• supply

• demand

• surplus

• scarcity

________ refers to the condition where people cannot have all the goods and services they want.

• Surplus

• Scarcity

• Producer

• Supplies

Which is an example of a service?

• A father buying a new tv

• A girl shopping at the grocery

• A person buying a pizza

• Someone mowing a person's lawn

Which is an example of a good?

• A boy walking someone's dog

• a hairstylist washing a girl's hair

• a car

• a man repairing a car