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Worksheetssupply and demand warmup
Total questions: 10
Worksheet time: 5mins
Equilibrium price is where price
People get the best price
People get the worst price
Supply meets demand
Most people will buy
The inability to satisfy all wants because resources are limited is know as-
Demand
Supply
Consumption
Scarcity
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
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
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
A market exists whenever buyers and sellers exchange ___________ and ________________.
Choose 2 answers.
Profit
Services
Revenue
Resources
Goods
Things that come from nature used to produce goods and other services.
natural resources
human resources
capital resources
entrepreneurship
the amount of a good or service that consumers are willing and able to BUY at a certain price (how bad do they want it?)
Demand
Supply
Scarcity
Consumption
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
