My running shoes now become less popular. What happens to the wages that my employees make?

Wages decrease due to lack of product being sold.

I bake cookies, but a hurricane has taken out suger cane fields. There is less sugar now. What happens to the price?

Price will go up due to lack of resources

How much of a good or service there is

How much consumers want a good or service

An item in short supply and has value

Oh no! My bluetooth headphones are now exploding. I have to afford lawyers now. What happens to employee wages?

Employee wages go down to save the company money.

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Supply and Demand GP

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Questions 16

Answers

1
I own an oil refinery and summer is approaching. People will be driving everywhere! Lots of gas will be used
Prices will lower
Prices will rise
Nothing will happen
Someone will be fired
2
Which of these is neither a good or a service?
A happy meal
Gasoline
A 2 dollar bill
Piano lessons
3
My running shoes now become less popular. What happens to the wages that my employees make?
Wages increase because demand increases
Wages will remain the same because the same amount of shoes are being sold
Wages decrease due to lack of product being sold.
People realize running is terrible and don't care about their wages
4
I bake cookies, but a hurricane has taken out suger cane fields. There is less sugar now. What happens to the price?
Price will go up due to lack of resources
Sugar cane doesn't help with cookies
Price will remain the same because if other sugar items
Price will go down because less cookies are bought
5
Supply and demand directly impact eachother.
False
True
Maybe...
I didn't pay attention
6
I create a new form of bluetooth headphones that never run out of battery. What happens to my headphone price?
Bluetooth sucks who cares
Price goes up
Price will remain the same
Price goes down
7
Define Supply
How much consumers want a good or service
How much of a good or service there is
How a producer thinks about a product that will sell
Need, access, and quality of a good
8
Define Demand
How much consumers want a good or service
A bossy sibling
How much will sell at a particular price
How much of a good or service there is
9
Identify an example of a Good
Apples
Gaming on the weekend with friends
Police Officer
Finishing my homework
10
The most basic economic problem is the issue of _________________?
Demand
Costs
Scarcity
Quotas
11
I own an ice business and winter is approaching.
My price of ice increases
My price of ice remains the same
My price of ice decreases
My price of ice will be save by Kristoff
12
Define Scarcity
A valuable resource
An item that is worth a lot of money
An item in short supply and has value
A city where people scare others
13
Oh no! My bluetooth headphones are now exploding. I have to afford lawyers now. What happens to employee wages?
Employee wages will increase because now we are popular.
Employee wages go down to save the company money.
Bluetooth headphones don't matter. Price stays the same.
Employee wages will remain the same because my buisness cares
14
Define 'goods'
Oil, technology, backpacks
What I say when 'well' isn't correct
Stuff that you can buy or own
The opposite of bads
15
I created a new form of running shoe since they are so popular. I can produce 1,000 extra shoes a day to sell.
Price of running shoes stay the same
Who goes running for fun?
Price of running shoes go down
Price of running shoes go up
16
Identify an example of a Service
babysitting
playing my PS2 for fun
finishing my homework
Apples

Supply and Demand GP Flashcards | StudBud