Supply and Demand

What is the amount a person is willing to spend on a good or service called? 

What materials come from nature? Things like water, wood, and coal. 

What does it mean when there is a small amount of resources or goods?

If Walmart has 90 hula hoops but only 30 people want hula hoops,is there a surplus or scarcity?

The machines and tools that people use to produce goods is called_______

What is the amount of goods or services available to sell? 

If I have the last pizza and everyone wants it, is the demand high or low? 

If there is a scarcity of an item will the price of it go up or down?

If Mr. Edgar has the last 5 pencils in the world, is the supply high or low? 

If McDonald's was the only company that sold cheeseburgers, what would that be called?