supply and demand warmup
Quiz
•
Social Studies
•
6th - 8th Grade
•
Easy
Isaiah Allen
Used 6+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Equilibrium price is where price
People get the best price
People get the worst price
Supply meets demand
Most people will buy
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The inability to satisfy all wants because resources are limited is know as-
Demand
Supply
Consumption
Scarcity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
6.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
A market exists whenever buyers and sellers exchange ___________ and ________________.
Choose 2 answers.
Profit
Services
Revenue
Resources
Goods
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Things that come from nature used to produce goods and other services.
natural resources
human resources
capital resources
entrepreneurship
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