Shortage and surplus

Scarcity is not having enough of something.

• True
• False

A benefit is something good or helpful.

• True
• False

What will probably happen if something people want to buy is scarce?

• The price will go up.
• The price will go down.
• You will be able to get it for free.

Not having enough of something is called _________.

• choices
• benefit
• opportunity cost
• scarcity

Every time we go shopping we make _______.

• choices
• money
• products

________________ are people who buy goods and services.

• Consumers

• Consumer demand

• Limited resources

• Supply

Saving money is not important.

• True

• False

Define Shortage

• more people want an item than is available for purchase

• more items available for sale than people want to purchase

Define Surplus

• more items available for sale than people want to purchase

• more people want an item than is available for purchase

If there is 50 donuts made and 40 people buy them, will there be a shortage or a surplus?

• shortage

• surplus