In economics, the amount of a good that consumers are willing to buy is called ___.

A new building-block toy becomes very popular, and many more shoppers now want to buy it. What has happened in the market for that toy?

A late frost damages much of the orange crop on farms across the country this year. What happens to the supply of oranges at stores?

In October, many more families want to buy pumpkins, and farms have the same number of pumpkins for sale as before. Why does the price of pumpkins usually rise?

When a store has far more of a good on its shelves than shoppers want to buy, the store often lowers the price.

A toy store sells out of a new board game in one day and cannot get more copies for weeks. Shoppers keep asking for it. What is happening in this market?

A shop ordered many winter coats, but few shoppers bought them, and most coats are still on the racks in spring. What will the shop most likely do?

A farm sees that many more people are buying blueberries and that the price of blueberries has risen. What will the farm most likely do next season?

A factory makes sneakers and ships them to stores across the country. In the market for sneakers, the factory is part of the ___.

Fewer bakeries are making bagels this month, so far fewer bagels reach stores. Shoppers want just as many bagels as before. What happens?

What does supply mean in a market?

What does price mean in a market?

If many people want a toy and only a few toys are available, what will most likely happen to the price?

If a farmer grows a very large crop of apples and demand stays the same, what may happen to apple prices?

True or False: A producer is a person who buys or uses goods and services.

Every morning, more customers line up outside a bakery wanting to buy fresh bread. What has happened in the market for bread?

A shortage happens when:

A surplus happens when:

True or False: Scarcity means there are unlimited resources for everyone.

Many students want to buy school sweatshirts before a big game. What has happened in the market for sweatshirts?

A snowstorm stops delivery trucks from reaching stores with fresh bananas. What has happened in the market for bananas?

When the price of a snack rises, some consumers may:

What is a substitute good?

If the price of lemonade is very high at a stand, what might happen to the quantity demanded?

If the price of lemonade rises, what might a lemonade seller want to do?

True or False: Prices can send signals to buyers and sellers.

A new video game is popular, but stores only have a few copies. Which term best describes this situation?

A store has hundreds of winter coats left after winter ends. Which term best describes this situation?

What is a market?

A barber cuts a customer's hair at a salon. What is the barber providing?

A shoemaker makes a pair of shoes and sells them at a shop. What are the shoes?

True or False: Demand can change when people's tastes or interests change.

A famous athlete wears a certain brand of sneakers, and many kids suddenly want them. What changed first?

A factory gets a new machine that helps it make more pencils each day. What is likely to happen to supply?

Why might a store lower the price of umbrellas after many sunny weeks?

When buyers and sellers trade money for goods or services, this is called:

True or False: A service is something you can hold and touch, like a toy.

A town has only one ice cream truck on a very hot day, and many people are waiting to buy ice cream. What condition exists?

Cold weather arrives, and many customers want to buy hot chocolate at a cafe. What has happened in the market for hot chocolate?

Why do people have to make choices when resources are scarce?