Resources and Trade — Answer Key
Part A: Fill in the Blank
Write the missing word or number on each line.
1. When demand for a product goes up and supply stays the same, the price goes up.
Higher demand with constant supply creates scarcity, which drives prices up.
2. Supply is the amount of a good that sellers are willing to offer.
Supply is how much of a product sellers are willing and able to offer for sale.
3. Demand is the amount of a good that buyers want to purchase.
Demand is how much of a product consumers want to buy at a given price.
4. If a store has too many coats at the end of winter, the price usually goes down.
When supply exceeds demand, sellers lower prices to attract buyers.
5. A country that sells more goods than it buys has a trade surplus.
A trade surplus means a country exports more than it imports.
6. Bananas are an import to the United States because they are grown in other countries.
Bananas grown in Central America or the Caribbean are imported into the US.
7. The US is a major exporter of wheat, corn, and soybeans to other countries.
The US exports large quantities of agricultural products like wheat, corn, and soybeans.
8. When supply is less than demand, prices tend to rise.
When supply is less than demand (scarcity), prices rise as buyers compete for limited goods.
9. A want is something people would like to have but do not need to survive.
Wants are desires beyond basic needs — things people would like but can live without.
Part B: Matching
Match each item on the left to the correct answer on the right.
1. Match each item to its correct answer.
Supply
→ Amount of goods available for sale
Goods brought in from other countries
Demand
→ Amount of goods buyers want
Amount of goods available for sale
Import
→ Goods brought in from other countries
Goods sent to other countries for sale
Export
→ Goods sent to other countries for sale
Amount of goods buyers want
Supply = amount of goods available; demand = amount buyers want; import = goods brought in; export = goods sent out.