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WorksheetsSupply and Demand
Total questions: 22
Worksheet time: 6hrs 30mins
Name
Class
Date
1.
Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?
a)
The price will go up.
b)
The price will go down.
2.
Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?
a)
The price will go up.
b)
The price will go down.
3.
Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?
a)
The price will go up.
b)
The price will go down.
4.
The week before Halloween, pumpkin patches all around the country sell lots of pumpkins. What will happen to the price of pumpkins on the day after Halloween?
a)
The price will go up.
b)
The price will go down.
5.
What happens if you have a rare football trading card? Your friends really want that card. The supply of that card is low, while demand for it is high. What will happen to the price of the card?
a)
The price will go up.
b)
The price will go down.
6.
The new Star Wars movie is coming out today! All of the shows are sold out, but your neighbor is selling his tickets because he can't go. A lot of people in your neighborhood want to buy the tickets. What will happen to the price of the tickets?
a)
The price will go up.
b)
The price will go down.
7.
Amazon Prime is selling Smencils. There are only a few packs left and they are very popular. What will happen to the price?
a)
The price will go up.
b)
The price will go down.
8.
Lucas fixes his friend's sink. He is providing a _____________.
a)
trade
b)
opportunity cost
c)
product
d)
service
9.
Someone who makes a product to sell is a ____________.
a)
human resource
b)
consumer
c)
producer
d)
trader
10.
Giving a haircut
a)
example of scarcity
b)
example of a service
c)
example of a good
d)
example of a consumer
11.
Who buys goods or services?
a)
Producers
b)
consumers
12.
Jobs that people do for others?
a)
Resource
b)
Services
c)
Producers
13.
The amount of a good or service that is available to consumers
a)
Supply
b)
Demand
c)
Saver
d)
Spender
14.
What happens to the price of objects when the demand for them decreases?
a)
The price will go down
b)
The price will go up
c)
The price will stay the same
d)
They will be free
15.
Physical items that you can touch and see are called:
a)
Goods
b)
Needs
c)
Services
d)
Wants
16.
Tasks completed for you by other people or by machines are called:
a)
Goods
b)
Needs
c)
Services
d)
Wants
17.
If there is a huge demand for an item and the supply is very low, what will happen to the price?
a)
The price will decrease
b)
The price will increase
c)
The price will stay the same.
d)
They will be free.
18.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
19.
What will happen to the price of T-Shirts if T-Shirt businesses now use machines that produce twice as many shirts in one hour?
a)
The price will increase
b)
The price will decarese
20.
Which of these words BEST describes how popular a good (or item) is?
a)
demand
b)
supply
c)
money
d)
jobs
21.
If you make 100 copies of an item, but nobody wants to buy it, what will you have to do to the price?
a)
decrease it
b)
increase it
c)
nothing
22.
If a girl has 1 sucker that she wants to sell, and a LOT of people want to buy it, what will she likely do?
a)
increase the price
b)
decrease the price
c)
keep it
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