Exploring Supply and Demand in Basic Economics

Exploring Supply and Demand in Basic Economics

Assessment

Interactive Video

Created by

Lucas Foster

Social Studies

6th - 10th Grade

2 plays

Medium

The video tutorial provides a comprehensive overview of supply and demand, two fundamental concepts in economics. It explains the laws of demand and supply, illustrating how prices affect the quantity demanded and supplied. The concept of equilibrium price is discussed with examples, showing how market forces balance supply and demand. The tutorial also covers elasticity, describing how changes in price influence demand and supply. Additionally, it addresses government interventions in markets through price ceilings and floors. The video concludes with a transition to the next topic, the gross domestic product.

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10 questions

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1.

MULTIPLE CHOICE

30 sec • 1 pt

What are the two most crucial terms in understanding economics?

2.

MULTIPLE CHOICE

30 sec • 1 pt

What happens to the quantity demanded when the price of an item increases?

3.

MULTIPLE CHOICE

30 sec • 1 pt

According to the law of supply, what is the relationship between price and quantity supplied?

4.

MULTIPLE CHOICE

30 sec • 1 pt

At what price did wheat reach its equilibrium price in the example provided?

5.

MULTIPLE CHOICE

30 sec • 1 pt

How does a large supply of oranges affect their market price?

6.

MULTIPLE CHOICE

30 sec • 1 pt

What causes the equilibrium price to change?

7.

MULTIPLE CHOICE

30 sec • 1 pt

What is the elasticity of demand?

8.

MULTIPLE CHOICE

30 sec • 1 pt

What is a price ceiling?

9.

MULTIPLE CHOICE

30 sec • 1 pt

Why might the government intervene in the market with price floors?

10.

MULTIPLE CHOICE

30 sec • 1 pt

What happens if the government sets a price below the equilibrium price?

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