Shortages, Surpluses, & Equilibrium - THOMAS

Categorize

Options (6)

Want the highest price possible

Supply Products

Are businesses and entrepreneurs

Want the lowest price possible

Demand products

Are everyday people

Organize these options into the right categories

Producers

Consumer

Drag and Drop

​

Placeholder

bring ​

Placeholder

and sellers together.

The forces of ​

Placeholder

work together in markets to establish​

Placeholder

.

In our economy, prices form the basis of ​

Placeholder

.

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Markets

buyers

supply and demand

prices

economic decisions

Multiple Choice

What is the point called where Supply & Demand meet to establish prices?

• Market

• Market Equilibrium

• Quantity

• Price

Multiple Choice

What can it lead to when prices are out of equilibrium?

• Shortages or Surpluses

• Just a shortage

• Just a surplus

• Nothing, it stays the same

Drag and Drop

A ​surplus happens when ​

Placeholder

​

Placeholder

than what is ​

Placeholder

being ​

Placeholder

.

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producers

SUPPLY MORE

currently

demanded

Shortage

consumers

DEMAND MORE

supplied

Open Ended

What is a good or service in the summer that might experience a SURPLUS if it was sold in the winter at a high price?

Drag and Drop

A ​surplus signals that the ​

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is too ​

Placeholder

and that​

Placeholder

will ​

Placeholder

at that PRICE 

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Price

HIGH

consumers

NOT BUY

producers

SELL

LOW

Multiple Choice

What will producers have to do to fix a shortage?

• Keep prices the same

• Bring prices up

• Bring Prices down

Drag and Drop

A ​

Placeholder

happens when ​

Placeholder

​

Placeholder

than what is currently being​

Placeholder

.

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SHORTAGE

consumers

DEMAND MORE

produced

SURPLUS

producers

SUPPLY MORE

bought

Open Ended

What is one other good or service other than toilet paper that experienced a SHORTAGE during the pandemic?

Drag and Drop

A ​

Placeholder

signals that the ​

Placeholder

is too ​

Placeholder

and that ​

Placeholder

will ​

Placeholder

at that PRICE 

Drag these tiles and drop them in the correct blank above

SHORTAGE

Price

LOW

producers

NOT SELL

SURPLUS

HIGH

BUY

Multiple Choice

What will producers have to do to fix a surplus?

• Keep prices the same

• Bring prices up

• Bring Prices down

Multiple Choice

True or False: Price will remain at equilibrium until Demand or Supply changes.

• True

• False

Multiple Choice

What was the example given for shortage from the video?

• Bananas

• Empty store shelves

• Empty boxes

• Apples

Multiple Choice

What was the example given for surpluses from the video?

• Bananas

• Empty store shelves

• Empty boxes

• Apples

Categorize

Options (12)

Price is set too high

Supplied is more that what is demanded

price is set too low

Demand is more than what is supplied

Price remains the same

Point where supply & demand meet

Can be fixed by lowering the price

Can be fixed by raising the price

can change due to changes in supply & demand

Organize these options into the right categories

Surplus

Shortage

Equlibrium

Multiple Choice

Which letter represents a shortage?

• A

• B

• C

• D

Multiple Choice

Which letter represents a surplus?

• A

• B

• C

• D

Multiple Choice

What is the equilibrium price?

• $5.00

• $3.00

• $4.00

• $1.00

Multiple Choice

At what price is there a shortage?

• $5.00

• $3.00

• $4.00

• $1.00

Multiple Choice

At what price is there a surplus?

• $5.00

• $3.00

• $2.00

• $1.00

Multiple Choice

If price remains the same

• Shortage

• Surplus

• Equilibrium

Multiple Choice

If demand is greater that what is supplied, this is a....

• Shortage

• Surplus

• Equilbrium

Multiple Choice

If what is supplied is greater that what is demanded, this is a....

• Shortage

• Surplus

• Equilbrium

Multiple Choice

If demand and supply are equal at the SAME price, this is a....

• Shortage

• Surplus

• Equilbrium