Exploring Demand and Supply Concepts for Kids

Which of the following is an example of a tangible good?

• Flying in a plane

• Getting a haircut

• A pen

• Visiting a dentist

What is a service?

• An item that can be touched

• An activity provided by other people

• A type of food

• A form of currency

What does supply refer to?

• The quality of a service

• The price of a good

• The number of people wanting a good

• The amount of goods available

Which of the following best describes demand?

• The quality of a service

• The price of a good

• The number of people wanting a good or service

• The amount of goods available

Why is understanding supply and demand important?

• It helps in improving the quality of services

• It helps in reducing the cost of production

• It helps in producing more goods

• It helps determine the price of goods and services

In the example given, what happens when there are only a few shirts left and many people want them?

• The price of the shirts decreases

• The quality of the shirts improves

• The shirts are given away for free

• The price of the shirts increases

What role does supply and demand play in the economics of a nation?

• It determines the number of goods produced

• It determines the type of services provided

• It determines the quality of goods

• It determines the price and value of goods and services

What is the relationship between supply and price when demand is high?

• Supply increases and price remains constant

• Supply remains constant and price decreases

• Supply decreases and price increases

• Supply increases and price decreases

What is the relationship between demand and price when supply is low?

• Demand increases and price increases

• Demand remains constant and price decreases

• Demand increases and price decreases

• Demand decreases and price increases

Who is the narrator of the video?

• John

• Alex

• Michael

• Manny