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WorksheetsSupply and Demand
Total questions: 16
Worksheet time: 11mins
Name
Class
Date
1.
What are goods?
a)
items found under a rug
b)
items found in the ocean
c)
items that are made and grown
d)
Work that is done for someone else
2.
What are services?
a)
Work that someone does for someone else
b)
Items that are made or grown
c)
Something that is not real
d)
Something that is used to do work for someone else
3.
What is a consumer?
a)
Someone who makes or grows goods or offers services
b)
someone who makes products
c)
Something that grows in nature
d)
Someone who buys goods and services
4.
What is a producer?
a)
Someone who makes or grows goods or offers services
b)
someone who eats potato chips
c)
someone who buys and goods and services
d)
someone who shops at the store
5.
Which is an example of a natural resource?
a)
Computer
b)
Water
c)
Counting Money
6.
What is a plan for using money?
a)
interest
b)
budget
c)
deposits
7.
What happens when the demand goes up?
a)
Price increases
b)
Price drops
c)
price stays the same
8.
Scarcity is when there is not enough supply of a good.
a)
True
b)
False
9.
How do inventors make the changes to the community?
a)
They write slogans to get their messages across.
b)
They lay railroad tracks to connect communities.
c)
They come up with new ideas to improve the way people live and work.
d)
They lead peaceful marches against unfair laws.
10.
what is wages
a)
saving money
b)
buying stuff
c)
money paid to an employee
11.
You earn __________ when you save your money in a bank.
a)
income
b)
interest
c)
allowance
d)
scarcity
12.
Which is an example of an event that may
cause scarcity?
cause scarcity?
a)
Oil has been discovered in the Arctic Ocean.
b)
New kinds of cell phones are going on sale.
c)
Bad weather caused orange crops to freeze.
13.
When would the price of a bicycle go up?
a)
Many stores are selling bicycles
b)
more bicycles are made than are sold
c)
people want more bicycles than are available
14.
How does the free market work?
a)
people trade products without using money
b)
Buying and selling is based on supply and demand
c)
companies sell products that are scarce
15.
An ice cream company wants to make a profit, but the price of cream has increased. The company does not want to increase the price of ice cream. What will happen to the profits of the company?
a)
Profits will decrease
b)
Profits will increase
c)
Profits will stay the same
16.
If people are no longer demanding a product, what will the seller most likely do?
a)
Lower the price
b)
Raise the price
c)
Keep the price the same
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