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Supply and Demand
Vocabulary
Vocabulary 2.0
Final
100
If a price is high for a product, the demand is going to be _____
What is low?
100
The amount of people that want or need an item or service is called the _____
What is demand?
100
If you use a tractor and farming equipment, you are using a _____ resource.
What is capital?
100
Name and explain a real-world example of the following: Quality vs Quantity, Supply and Demand, Assembly Line, or Scarcity.
Answers may vary.
200
If the price is low for a product, the demand will be _____
What is higher?
200
The amount of a service or product available is called the _____.
What is supply?
200
If you need employees for your business, you need _____ resources.
What is human?
300
The demand for Christmas decorations in December would be ____
What is high?
300
If there is not enough of something to satisfy everyone's wants and needs, this is called
What is scarcity?
300
You buy a pair of boots each winter that wear down by spring. Your friend spends more money on a pair of boots that last her 3 winters. This is called
What is quality over quantity?
400
The demand for flip flops in December would be _____
What is low?
400
When something is chosen over another, or you give up something to choose another, this is called
What is opportunity cost?
400
Everyone doing a different job on a car would be a practice of an ____________
What is assembly line?
500
Lawn boy is able to charge more for mowing lawns because ________
The supply of lawn mowers is low and the demand is high.
500
If you struck oil in your backyard, you have discovered a ______ resource.
What is natural?
500
If I have one person putting away folders, another stacking chairs, and another sharpening pencils, I am practicing
What is division of labor?