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WorksheetsSupply & Demand
Total questions: 24
Worksheet time: 12mins
the quantity of a good or service that a business is willing and able to make available for sale at a specific price
supply
demand
competition
price
the quantity of a good or service that a buyer is willing and able to purchase at a specific price (how much consumers want/need the good or service)
supply
demand
competition
price
What happens to the price o a good or service when the amount of demand is greater than the available supply?
Price goes down.
Price goes up.
Price stays the same.
What happens to the price o a good or service when the available supply is greater than the amount of demand?
Price goes down.
Price goes up.
Price stays the same.
Saucey Slices Pizza sells pizza for $2.00 per slice. If Saucey Slices increases the price to $3.00 per slice, what will most likely occur?
Saucey Slices will start selling hamburgers.
Saucey Slices will sell more pizza.
Saucey Slices will sell less pizza.
Saucey Slices' pizza will taste better.
Producers often compete for the same consumers. How does increased competition impact the price of goods and services?
price stays the same
price goes up
price goes down
goods and services become free
Gibsonburg is a small town with just one gas station. The gas station charges about 20 cents more per gallon than the gas stations in a larger town 15 miles away. Gibsonburg residents want their local gas station to reduce its prices. Which action would most likely cause the Gibsonburg gas station to lower its prices?
A new gas station opens in Gibsonburg.
The residents of Gibsonburg sue the gas station.
More people move to Gibsonburg.
A storm damages an oil pipeline.
Predict which of these outcomes is most likely to occur as a result of a severe freeze that destroys 90% of Florida’s orange crop.
The supply of oranges will increase.
The price of orange juice will increase.
The price of oranges will stay the same.
The price of apple juice will decrease.
In production, the goods and services produced are called
inputs
outputs
The productive resources used to make the goods and services are called
inputs
outputs
If supply increases, price
will increase
will decrease
will stay the same
If supply increases, outputs
will increase
will decrease
will stay the same
If supply increases,
more productive resources will be used.
less productive resources will be used.
the same amount of productive resources will be used.
If supply decreases,
price will increase.
price will decrease.
price will stay the same.
If supply decreases,
outputs will increase.
outputs will decrease.
outputs will stay the same.
If supply decreases,
more productive resources will be used.
less productive resources will be used.
the same amount of productive resources will be used.
When demand increases,
price will increase.
price will decrease.
price will stay the same.
When demand increases,
outputs will increase.
outputs will decrease.
outputs will stay the same.
When demand increases,
more productive resources will be used.
less productive resources will be used.
the same amount of productive resources will be used.
When demand decreases,
more productive resources will be used.
less productive resources will be used.
the same amount of productive resources will be used.
When demand decreases,
price will increase.
price will decrease.
price will stay the same.
When demand decreases,
outputs will increase.
outputs will decrease.
outputs will stay the same.
When competition increases,
price will increase.
price will decrease.
price will stay the same.
When competition decreases,
price will increase.
price will decrease.
price will stay the same.
