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Supply and Demand Flashcards | StudBud

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Supply and Demand

5 terms·StudBud Administration·497 plays

This is a quiz on Third grade economics!

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Questions 5

Answers

1
What are natural resources?
Something found in nature that people can use.
Goods and services
Shelter, food
2
What is Supply?
An action someone does.
The amount of a product.
Natural resources
The want for a product.
3
What is scarcity?
When there is a shortage of something
The amount of a product.
An action someone does
What consumers want
4
What is Demand
An action someone does.
The amount wanted by consumers.
The product.
5
What happens to prices when there is scarcity?
They go up.
They stay the same.
They lower.