Basic Economic Concepts

When demand increases and supply stays the same, there is a...

If there is a low demand for dried seaweed, then Mrs. Mullen's price for it will be ___.

When there is not enough supply, it is called a...

A consumer’s desire and willingness to pay a price for a specific good or service

When there is too much supply, there is a...

If there is a high demand for gum and Mrs. Mullen has a high supply, then the price will be ___

What do you call a person who starts a business?

When demand decreases and supply remains the same, there is a...

The total amount of a specific good or service that is available to consumers

If there is a low supply of ice cream bars and a high demand, then the price will be ___.