Labor & Scarcity (3.9A & 3.9B)

Front

What is scarcity?

Back

Scarcity is when there are not enough resources to meet all the wants and needs of people.

Front

What does demand mean?

Back

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

Front

What does supply mean?

Back

Supply is how much of a product or service is available for people to buy.

Front

What happens to prices when demand is high and supply is low?

Back

Prices usually increase when demand is high and supply is low.

Front

What happens to prices when supply is high and demand is low?

Back

Prices usually decrease when supply is high and demand is low.

Front

What is the relationship between supply and demand?

Back

Supply and demand work together to determine the price of goods and services.

Front

What is a market?

Back

A market is a place where buyers and sellers come together to exchange goods and services.

Front

What is a producer?

Back

A producer is someone who makes or provides goods and services.

Front

What is a consumer?

Back

A consumer is someone who buys and uses goods and services.

Front

How can experience affect a person's job opportunities?

Back

More experience can lead to better job opportunities and higher pay.