Supply and Demand

Typically, the more resources used in production, the higher the price of the product.

Using less expensive resources to produce a product should make the price lower.

"This was easy to make. I can make hundreds!" This is a good way to know that the price of the item should be...

Supply refers to the amount of a ______________ produced.

When demand is high, store owners should lower the price of the product.

Typically, the higher the supply of an item, the higher the price.

When supply is low, but demand is high, prices will usually rise.

High Supply = Low Price

When we run out of a product, we never want to increase the supply.

If people are excited about a new product and go to the store to buy them all, the ____________ needs to increase.