Chapter 7 Lessons 1-3 | Baamboozle - Baamboozle | The Most Fun Classroom Games!

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_________________ are things you would like to have but do not need.

Wants

The _____________ is the amount of goods or services that people can sell.

supply

What happens when the supply of something goes down?

The price goes up.

A _________________ is a person who makes a product or provides a service.

producer

An ______________ is to bring products and resources into one country from another.

import

In May, less people than normal wanted to buy eggs . Was the demand for eggs higher or lower than normal?

Lower

_________________ are things you must have to live.

Needs

________________ are things that people make or grow and then sell.

Goods

The ________________ is the amount of goods and services that people want and can buy.

demand

If there is low demand for a marker, would the price be high or low?

Price will be low

There is ________________, when there is not enough of something to meet people's needs and wants.

scarcity

If the supply of footballs is low, would the price be high or low?

Price will be high

A __________________ is work that one person does for another.

service

A _______________ is the money that businesses have left after their costs are paid.

profit

What are the 3 resources that businesses need to produce goods?

Human resources, natural resources, capital resources

In June, more hens were able to lay eggs. Was the supply of eggs higher or lower than normal?

Higher

A _________________ is a person who spends money to buy things he or she needs or wants.

consumer

An ________________ is to send products and resources from one country to another country.

export

List 3 needs and 3 wants.

Needs: healthy food, water, clothes, shelter. Wants: Basketball, toys, games

When there is __________________, there is a lot of something.

abundance