When there isn't enough of something. When the demand is GREATER THAN the supply.
100
What is a "good"?
Something that you buy that you can use or consume.
100
Does price change supply and demand?
YES!
200
Is drinking water a "need" or a "want"?
A need
200
There are 27 teachers that want a girl scout cookie. What is the demand?
27
200
TRUE or FALSE: Scarcity and shortage are synonyms.
True
200
What is an example of a "good"?
gum, food, CDs, pokemon cards, books, cars, etc.
200
When PRICE goes UP....DEMAND goes ______
DOWN!
300
What are TWO examples of "NEEDS"?
Food, shelter, water
300
What is supply?
How much of something there is.
300
What is surplus?
When the supply is GREATER THAN the demand.
300
What is a "service"?
Something that you buy but it isn't a "thing" but rather something that someone does for you.
300
When PRICE goes DOWN....DEMAND goes ______
UP!
400
What are TWO examples of "WANTS"?
EX: ice cream, XBox, iPhone, concert tickets, new car, movie tickets, etc.
400
What is demand?
How much of something is wanted.
400
If something is scarce, or there is a shortage, what usually happens to the price?
It goes up!!
400
What is an example of a "service"?
haircut, waiter/cook at a restaurant, teacher, someone to cut your grass or someone to shovel your snow!
400
When your INCOME (money) goes UP....you buy _____ (more or less).
MORE
500
What is the difference between a "need" and a "want"?
A need is something that you need in order to live; something you HAVE to have (necessary). A want is something that you do NOT need in order to live, just something you really would LIKE to have (not necessary).
500
Does price affect demand?
YES!
500
What are Mrs. Capper's cats names?
Nigel and Winx
500
What can you "touch"? A good or a service?
Good
500
When your INCOME (money) goes DOWN....you buy _____ (more or less).