Vocab
what is the definition of Supply?
The amount of a good or service that's available
A new sneaker drops, and everyone wants it, but only a few are made. Is this a shortage or a surplus?
Shortage
Imagine a new law says every student must have a laptop for school. What happens to laptop demand?
increases
Who is the current President of the United States
Donald Trump
What is the definition of "demand"?
How much of a good or service that consumers want to buy
how bad they want it
A toy store orders too many fidget spinners, but no one is buying them anymore. Is this a shortage or surplus?
Surplus
Why do stores often have big sales after holidays like Christmas?
to get rid of surplus supplies
What is the capital city of California?
Sacramento
What is a Shortage?
when there isn't enough of something
During a drought, farmers produce less wheat. What happens to supply?
supply decreases
A shoe company makes a limited edition sneaker, but only 100 pairs exist. Prices skyrocket online. Why?
Shortage + high demand makes prices rise
How many states are there in the United States?
50
What is a surplus?
when there is too much of something
A new phone app goes viral, and everyone wants the phone it runs on. What happens to demand?
Demand increases
Why do prices often drop when a store has too much inventory?
To get rid of surplus goods, lower prices encourage people to buy
The Pacific
what does the "Law of Demand" state?
As price decreases, quantity demanded increases
Gasoline prices rise after a hurricane damages oil refineries. what is affected Supply or demand?
Supply
When the new iPhone comes out, many people wait in long lines to buy it. Which factor is stronger here demand or supply? Why?
Demand is stronger, because there are more buyers than available phones.
what is 12x12
144