supply and demand warmup

Equilibrium price is where price

• People get the best price

• People get the worst price

• Supply meets demand

• Most people will buy

The inability to satisfy all wants because resources are limited is know as-

• Demand

• Supply

• Consumption

• Scarcity

Rivalry between producers of a good or service results in better quality goods and services at a lower price. This called -

• competition

• free market

• profit

• consumer sovereignty

Dwayne "The Rock" Johnson starts a chicken nugget service during lunch. Michael Jordan starts another chicken nugget service during lunch. What benefits will the students at GOAT University receive as a result of these competing businesses?

• They won't have jacked up hands

• The school will smell like nail polish all day

• low quality high prices

• better quality with low prices

• low quality low prices

Summerfield's population has grown by 10,000 people per year for the last five years. What has probably happened to the overall demand for apartments in Summerfield?

• The demand has probably gone up

• The demand has probably gone down

A market exists whenever buyers and sellers exchange ___________ and ________________.

Choose 2 answers.

• Profit

• Services

• Revenue

• Resources

• Goods

Things that come from nature used to produce goods and other services.

• natural resources

• human resources

• capital resources

• entrepreneurship

the amount of a good or service that consumers are willing and able to BUY at a certain price (how bad do they want it?)

• Demand

• Supply

• Scarcity

• Consumption

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?

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

What will happen to the price of T-Shirts if T-Shirt businesses now use machines that produce twice as many shirts in one hour?

• The price will increase

• The price will decarese