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WorksheetsSupply & Demand
Total questions: 10
Worksheet time: 4mins
‘A group of people buying and selling goods or services’. This is the definition for:
Demand
Equilibrium
Market
Supply
The desire to own a product and the willingness to pay for it. This is the definition for:
Supply
Elasticity
Market
Demand
What occurs when quantity supplied is greater than quantity demanded?
Excess supply
Equilibrium Price
Comparative Static Analysis
Excess Demand
What is Equilibrium Price?
Where the level of demand matches the level of supply at that price
When all suppliers sell the same amount of a product
What does GDP stand for?
General Domestic Procurement
Gross Domestic Product
Which of these is a luxury (aspirational) item?
Food
Electricity
Ray-ban
Medicine
Why might a product be considered ‘inelastic’ in demand?
When people will buy the product regardless of price changes
It is widely available at various prices
It is a luxury item
The product is out of fashion
Which of these factors can affect supply?
Availability of raw materials
Government support
Logistics
All of the above
What happens when a country’s GDP is high?
Unemployment increases
Demand for luxury goods reduces
There will be MORE spent on goods
There will be LESS spent on goods
What would cause a shift to the right in a supply and demand curve for a music festival?
Bad weather is predicted
Demand increases due to popular bands being announced on the lineup
Ticket prices increase
The festival date changes
