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WorksheetsBusiness 7 grade
Total questions: 41
Worksheet time: 33mins
The want or willingness a consumer has to purchase a good or a service is called?
The amount of goods or services available for a producer to sell is called?
An individual who purchases (buy) goods.
A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?
The supply will probably go up
The supply will probably go down
Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?
The demand will probably go up
The demand will probably go down
The want or willingness a consumer has to purchase a good or a service is called?
The amount of goods or services available for a producer to sell is called?
An individual who purchases (buy) goods.
A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?
The supply will probably go up
The supply will probably go down
Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?
The demand will probably go up
The demand will probably go down
What will happen to the price of new cars if a weak economy causes people to have lower incomes?
The price will increase
The price will decrease
What will happen to the price of baby cribs if there is a large increase in the number of babies born?
The price will increase
The price will decarese
What will happen to the price of soccer balls if more and more boys and girls are learning to play soccer?
The price will increase
The price will decrease
Local stores sell a particular pair of sneakers for $80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers started to rise.
What is likely to happen to the price of the sneakers over the next several weeks?
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
A new video game has just been released before the winter holiday season. This is a video game that many children want. Many parents buy this video game system for their children.
The price throughout December is $249. What is most likely to happen to the price for this video game in January, when the most popular gift buying season is over?
Price of BMW's drops. Market: Mercedes
Demand Increase
Demand Decrease
Supply Increase
Supply Decrease
Drought hits peanut crop in Georgia. Market: peanut butter
Demand Increase
Demand Decrease
Supply Increase
Supply Decrease
New machinery smashes peanuts twice as fast. Market: peanut butter
Demand Increase
Demand Decrease
Supply Increase
Supply Decrease
US announces a tax on car tires to pay for national highway bridges. Market: car tires
Demand Increase
Demand Decrease
Supply Increase
Supply Decrease
Price of turkey rises. Market: chicken
Demand Increase
Demand Decrease
Supply Increase
Supply Decrease
Nike announces they will have a back-to-school special in August and shoes will be 20% off in August. Market: Nike shoes in July
Demand Increase
Demand Decrease
Demand Unchanged
Supply Decrease
Due Covid 19, US automakers are forced to make hospital ventilators. Market for cars.
Demand Increase
Demand Decrease
Supply Increase
Supply Decrease
When Apple releases a new product and everyone is running to the stores to purchase the product, what financial term respects the condition of the Supply of products that are in high demand but low supply?
Surplus
Excess demand
Shortage
Equilibrium
When Apple releases a new product and everyone is running to the stores to purchase the product, what financial term respects the condition of the Supply of products that are in high demand but low supply?
Surplus
Excess demand
Shortage
Equilibrium
When Casey’s ordered three extra crates of Pepsi products by accident and offers a Buy One Get One FREE promotion, what is the term for the underlying issue?
Shortage
Equilibrium
Break Even
Surplus
When there is a surplus of Christmas decorations at Walmart but a low demand for these products, what happens to the price of the products?
The price decreases
The price stays the same
The price increases
Price is not affected by supply & demand
Supply & Demand have what type of relationship?
Similar relationship - they move in the same direction
Opposing / Inverse relationship - they move in different directions
1 - When we are discussing SUPPLY, who are we talking about?
2 - When we are discussing DEMAND, who are we talking about?
1 - Businesses 2 - Buyers
1 - Buyers 2 - Businesses
Build relationships with suppliers and negotiate with them for the best pricing.
Buyer
Seller
They deliver the goods within the time specified in the contract or within a reasonable time and a reasonable hour.
Buyer
Seller
What does it mean BOXING day
It a day when boxes are given away to everyone
It a day when presents are given away to poor people
It a day when boxes lover open them.
It a day when peopl buy present and resell them.
