Financial literacy review

Question 1

A person who makes a product

Accepted Answer

producer

Question 2

How much money is needed to buy a product

Accepted Answer

cost

Question 3

When supply is high but demand is low, what happens to the price of a product?

Accepted Answer

it decreases

Question 4

A sudden freeze destroys a harvest of strawberries. Spring is coming and people want to bake. What happens to the price?

Accepted Answer

They are scarce, but people still want them, so the price goes up

Question 5

Some makeup at Sephora doesn't sell well and Sephora needs space for new stock. What happens to the price of the makeup?

Accepted Answer

There is more supply than demand, so the price goes down

Question 6

A person who buys a product

Accepted Answer

consumer

Question 7

Not having enough of a product for everyone who wants to buy it

Accepted Answer

scarcity

Question 8

The amount of a product or service people want to buy

Accepted Answer

demand

Question 9

When supply is low but demand is high, what happens to the price of a product?

Accepted Answer

it increases

Question 10

The amount of a product or service available

Accepted Answer

supply

Questions 10