SS4 S1 MT4 Philippine Economy Review 2

When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 

• rise
• fall
• stay the same
• Consumer

The desire or willingness a consumer has to purchase a good or a service is called?

• shortage
• supply
• price
• demand

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

When there is a shortage the price will usually? 

• rise
• fall
• remain the same
• equilibrium

Change in cold weather in Benguet has damaged this year’s strawberry crop. Farmers have only half the usual amount of strawberries to sell. What do you think will happen to the price of strawberries?

• The price will go up.
• The price will go down.

Farmers in Davao del Sur have had excellent weather this year. They have produced the largest crop of durian in years. What do you think will happen to the price of durian?

• The price will go up.
• The price will go down.

Amazon Prime is selling Smencils.  There are only a few packs left and they are very popular.  What will happen to the price?

• The price will go up.
• The price will go down.

The place where goods and services are exchanged

• barter
• currency
• market
• resource

How much of something is available

• supply
• demand

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

• The supply will probably go up

• The supply will probably go down