Supply and Demand

Supply is ________________

• the total amount of a product or service available for sale
• the demand for a product
• the price of a product
• the profit made from sales

What is demand?

• Demand is the willingness and ability of consumers to purchase goods or services.
• Demand is the price consumers are willing to pay for goods.
• Demand refers to the supply of goods and services.
• Demand is the total amount of goods available in the market.

Price increase when ____________

• There is a higher demand

• There is a lower demand

• The consumer does not want it

When would you say the supply of skateboards is high?

• When there are a lot of skateboards available to buy

• When there are no skateboards available in the market.
• When the price of skateboards is at its highest.
• When the quantity available is less than consumer demand.

When would you say the demand for burritos is low?

• During lunch hours

• When prices are high
• On sunny days
• When not many consumers want to buy burritos

When the supply of a good is low, and the demand is high, what usually happens to the price of the good?

• It goes down.

• It goes up.

• It doesn't change

• No idea

Shella sells t-shirts that she paints. She just painted lots of shirts and has many available for sale. But it’s winter, and it’s cold. Not many people want t-shirts. What would be the best thing for Shella to do to get people to buy them?

• She shouldn't change the price of the t-shirt

• She should raise the price of a t-shirt.

• She should lower the price of a t-shirt.

• No idea

This year, a pest destroyed a lot of the corn crop. Corn didn’t grow very well. So, farmers don’t have much to sell. A lot of people want corn, and it’s hard to find. What will most likely happen to the price of corn?

• The price of corn will not change

• The price of corn will go down

• The price of corn will go up

​ If it is hot outside, the demand for ice cream is likely to ​_​

• Increase
• Decrease
• Not change

The price of a toy will if many kids want to buy it?

• increase
• decrease
• stay the same