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Microeconomics Review 2023 - Printable Social Studies Worksheets year 5 - Wayground

Microeconomics Review 2023

15 questions

5th - 5th Grade

Social Studies

Microeconomics Review 2023 is a Grade 5 social studies worksheet that checks students’ understanding of how markets work. Its 15 items include multiple-choice questions, fill-in-the-blank definitions, a matching activity on natural, human, capital, and intermediate resources, and open-ended prompts about price and non-price competition. Students apply the concepts of demand, the law of demand, cost of production, supply, competition, markets, surpluses, and shortages to examples involving sports jerseys, coffee beans, and energy drinks. This free printable worksheet is useful for review, independent practice, or a formative check after instruction. Students must distinguish demand from supply, connect price or production-cost changes to market outcomes, and explain how a store might respond to a shortage. An answer key is included to support efficient checking of the objective items while teachers review the open-ended responses against the concepts taught.

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Worksheets

Microeconomics Review 2023

Total questions: 15

Name
Class
Date
1.

Demand is defined as the different quantities of a resource, good, or service that consumers are _____________ and _____________ to buy at various prices during a specific time period.

a)

forced, made

b)

required, forced

c)

willing and able

d)

willing and unable

2.

When the price of an Eagles jersey is $100, the quantity demanded of Eagles jerseys is:

a)

5,000

b)

4,000

c)

3,000

d)

2,000

3.

As the price of a jersey _____________, the quantity demanded of jerseys___________.

a)

increases, increases

b)

decreases, increases

c)

decreases, decreases

d)

decreases, stays the same.

4.

The law of demand states that when the price of a good increases, the quantity of that good that people are willing and able to buy...(increases or decreases)

(a)  

5.

Messi joins the Inter Miami soccer team and begins sporting their gear everywhere he goes. What is the effect of this new fad on the demand for Inter Miami soccer jerseys?

a)

There is an increase in the supply of Inter Miami jerseys.

b)

There is no change in the demand for Inter Miami jerseys.

c)

There is an increase in the demand for Inter Miami jerseys.

d)

There is a decrease in the demand for Inter Miami jerseys.

6.

Match the following type of resource to its definition.

Natural resources

occur naturally in and on earth

Human resources

People who do mental or physical work

Capital resources

Goods made by people to produce goods

Intermediate goods

Goods used up to make other goods

7.

Cost of production is...

a)

The amount producers pay for a good or service

b)

The amount consumers pay for a good or service

c)

The amount producers pay for the productive resources and intermediate goods used to produce the product.

d)

The amount consumers pay for the productive resources and intermediate goods used to produce the product.

8.

The price of coffee beans used to make coffee increases. What effect does this change in the cost of production have on the supply of coffee?

a)

There is an increase in the demand for coffee.

b)

There is an increase in the supply of coffee.

c)

There is a decrease in the supply of coffee.

d)

There is no change in the supply of coffee.

9.

Competition takes place when there are many buyers and sellers of a product.

a)

True

b)

False

10.

What are examples of "non-price" competition?

4 lines
11.

What are examples of "price" competition?

4 lines
12.

A market is where __________ and ____________ come together to exchange goods, services, and resources.

a)

Buyers, consumers

b)

sellers, producers

c)

sellers, products

d)

buyers, sellers

13.

A (a)   occurs when quantity demanded is less than quantity supplied

14.

A (a)   occurs when the quantity demanded is greater than the quantity supplied.

15.

Thanks to Logan Paul, Prime energy drinks are flying off of store shelves. Currently, there is a shortage of prime energy drinks at the store. What action can the store owner take to eliminate the shortage?

a)

Lower the price of the energy drinks.

b)

Increase the price of the energy drinks.

c)

Remove the energy drinks completely.

d)

There is no way to eliminate the shortage.

Answer Key

Microeconomics Review 2023

Total questions: 15

1.
c)

willing and able

2.
b)

4,000

3.
b)

decreases, increases

4.
decreases
5.
c)

There is an increase in the demand for Inter Miami jerseys.

6.

Natural resources

 - 

occur naturally in and on earth

, 

Human resources

 - 

People who do mental or physical work

, 

Capital resources

 - 

Goods made by people to produce goods

, 

Intermediate goods

 - 

Goods used up to make other goods

7.
c)

The amount producers pay for the productive resources and intermediate goods used to produce the product.

8.
c)

There is a decrease in the supply of coffee.

9.
a)

True

10.
n/a
11.
n/a
12.
d)

buyers, sellers

13.
surplus
14.
shortage
15.
b)

Increase the price of the energy drinks.

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FAQs

What does the Microeconomics Review 2023 worksheet cover?

This 15-item Grade 5 social studies worksheet reviews demand and the law of demand, supply and cost of production, four types of resources, competition, markets, surpluses, and shortages. Students demonstrate understanding through nine multiple-choice questions, three fill-in-the-blank items, a resource-definition matching task, and two open-ended questions about price and non-price competition.

How can I use this worksheet to teach demand, supply, and market outcomes?

Introduce the review by having students explain the difference between buyers’ demand and producers’ supply, then use the jersey and coffee-bean scenarios to discuss how prices and production costs affect quantity demanded or supplied. After students complete the items, ask them to justify why a shortage calls for a higher price and to compare their examples of price and non-price competition.

What mistakes should I watch for when students complete this microeconomics worksheet?

Students may confuse demand with supply, choose “willing” without also recognizing “able,” or reverse the law of demand by saying quantity demanded rises when price rises. They may also mix up a surplus and a shortage, treat a higher input cost as an increase in supply, or identify a change in demand when a scenario describes a change in supply. Review whether their open-ended responses distinguish competition based on price from competition based on other features.

How do I assign and grade this Microeconomics Review 2023 worksheet?

The worksheet is available as a printable PDF and as a digital quiz on Wayground, and it includes a complete answer key for the multiple-choice, fill-in-the-blank, and matching items. Teachers can grade printable submissions by scanning student work with the Wayground for Teachers app, while the open-ended responses can be reviewed for accurate examples of price and non-price competition.

How can I differentiate this worksheet for my students?

Use the worksheet’s Advanced Settings to adjust font spacing and font size so the definitions, scenario questions, and open-ended prompts are easier to read. You can also select a dyslexia-friendly font or translate the worksheet into another language when those options better support students working with the market vocabulary and resource classifications.

Where can I find more worksheets like this on Wayground?

Wayground offers a comprehensive collection of free printable worksheets and practice problems across all subjects, with downloadable PDFs and answer keys to help students master essential skills and concepts. Browse more resources at https://wayground.com/en-us/worksheets.

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