Supply and Demand
Good or Product
Which of the following items are most scarce?
Candy bars, Diamonds, Shoes, or Laptops
Diamonds
Trading goods and services is known as...
Bartering
Which of the following would have the smallest budget?
Nation, Household, Country, or State
Household
In order to be a consumer you must...
Purchase something.
What typically happens when the supply is low and the demand is high over a period of time?
Prices for the product increase
Photocopier installer and McDonald's Drive Thru worker are examples of...
Services
What is the word that refers to what is given up when an economic choice is made?
Opportunity Cost
You are a store owner that sells headphones. One pair of headphones costs you $35. You charge the customer $55 for the headphones. What is your profit?
$20.00
What is something you need to have for survival?
Need
In what situation would a company know they needed to raise the price of an item?
High demand, high supply
High demand, low supply
Low demand, high supply
Low demand, low supply
High demand, low supply
If it costs a company $2.00 to make a product and they sell it for $5.00, the company makes a $3.00 _______.
Profit
You have $15 to either go to the movies or buy a CD. You decide to go to the movie with a friend, and not get the CD. The CD is the...
Opportunity Cost
The most common way businesses compete with each other is through...
Government regulations, Offering different items, or Pricing
Pricing
Want
Supply and demand affects...
Prices
A person that manufactures something is called a...
Producer
For lunch today, the cafeteria was serving meatball sandwiches for $1.00 and chicken salad sandwiches for $1.25. Terrell decided to buy the meatball sandwich. What was his opportunity cost?
Chicken Salad Sandwich
Quality Clocks produced a clock for $10 and was selling it for $20. Unfortunately, none of the clocks have sold. What should Quality Clocks do next?
Lower the price
Cars, designer clothes, and junk food are examples of...
Wants
Which of the following people provide an economic service that meets a need?
Movie Theater Owner, Water Treatment Plant Operator, or Internet Service Provider
Water Treatment Plant Operator
When there is exchanging of goods and services, with either bartering or the exchange of money, we call it a....
Market
Danny manufactures widgets. His old model, Widget 1.0, has just been replaced by a cheaper, easier to produce model, Widget 2.0, which is now widely available in stores. How will this affect the price of Widget 1.0, which is still in some stores?
Widget 1.0's price will decrease.
Susan's company produces toys. This year, they introduced a new toy called the Pretty Polly doll. The doll became very popular, and the company cannot make them as fast as people are buying them. This is considered a...
Surplus, Shortage, Market, or Supply
Shortage
Clean water, heat, and medical care are examples of...
Needs