Social Studies Weekly 5th Grade "Economic Principles"

Front

A _________________ is someone who makes a good or provides a service. Options: consumer, producer, economist, supplier

Back

producer

Front

People who buy goods and services are called ______________.

Back

consumer

Front

When a consumer doesn't buy enough of a good or service it may cause producers to _________ the cost of it. Options: increase, remove, decrease, cancel

Back

decrease

Front

Do both producers and consumers affect the price of goods and services?

Back

True

Front

If consumers are buying too much of a product, the producer may _____________ the price of the product.

Back

increase

Front

_____________ is the amount of product that is available.

Back

Supply

Front

______________ is the amount of product people actually want or need.

Back

Demand

Front

When there's a greater supply of something than a demand for it, it's called a __________.

Back

surplus

Front

____________ is not having enough of something. Options: Supply, Demand, Scarcity/shortage, Surplus

Back

Scarcity/shortage

Front

Which of the following is the result of scarcity of water?

• abundance of crops
• plenty to eat
• fewer crops for harvesting
• easy production of electricity

Back

fewer crops for harvesting