Consumers and Producers
Jordan purchases a new water bottle at a sporting goods store. What role is Jordan playing in the marketplace?
Consumer
You purchase a water bottle from a store. Is the water bottle a good or a service?
Good
A store has 50 copies of a popular video game, but 200 customers want one. Is supply greater than or less than demand?
What is supply is less than demand?
To sell a item that isnt selling, a business will offer a _____.
Daily Triple
Discount
A company designs and manufactures backpacks that are sold in stores. What role does the company play?
What is a producer?
You pay someone to fix a flat tire on your bicycle. Are you paying for a good or a service?
Daily DOUBLE
Service
A store has hundreds of umbrellas available, but very few people want to buy one because the weather has been dry. Is demand high or low?
What is low demand?
A commercial will sometimes have a customer give a ____ to influence the buyer.
Review
A student buys a pair of headphones online and uses them at home. Is the student a consumer or producer?
Consumer
Which one is a good: a haircut, a laptop, or a dog-walking appointment?
Laptop
A store has a large number of last year's phone cases that customers no longer want. What might the store do to encourage people to buy them?
What is lower the price?
Ads that state "ONE DAY ONLY" is an example of what marketing strategy.
Limited Time
A local business creates and sells custom T-shirts to customers. Is the business acting as a consumer or producer?
Producer
A student pays a tutor to help them understand math. What is the student purchasing?
Daily Double
Service
A limited-edition product becomes extremely popular. There aren't enough products for everyone who wants one. What is happening to supply and demand?
What is demand is greater than supply?
If a company will only release a small amount of a product. What term represents this idea.
Limited Supply
New Balance
A customer buys a pair of shoes and also pays a company to deliver the shoes to their home. Identify the good and the service.
What is the shoes (good) and delivery (service)?
A popular concert has 1,000 tickets available, but 5,000 people want tickets. What economic concept does this demonstrate?
What is scarcity?
If a company offers free shipping if you spend $100 or more. This encourages the customer to do what?
Spend more money.