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Supply & Demand Key Terms

Total questions: 35

Worksheet time: 23mins

Name
Class
Date
1.
A "Demand" is:
a)
The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period
b)
The quantity of a good or service that buyers are ready to buy at a given price at a particular time
c)
Items that can be used in place of others; items that satisfy the same needs/wants; similar goods.
2.
"A form of demand in which changes in price do not affect demand" is known as:
a)
Elastic Demand
b)
Inelastic Demand
c)
Supply
d)
Demand
3.
"Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service" is known as the:
a)
Law of Supply
b)
Law of Economics
c)
Law of Demand
d)
Law of Supply & Demand
4.
"Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price" is known as the:
a)
Law of Supply
b)
Law of Economics
c)
Law of Demand
d)
Law of Supply & Demand
5.
"The quantity of a good or service that buyers are ready to buy at a given price at a particular time" is known as:
a)
Elastic Demand
b)
Inelastic Demand
c)
Supply
d)
Demand
6.
"Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low" is known as the:
a)
Law of Supply
b)
Law of Economics
c)
Law of Demand
d)
Law of Supply & Demand
7.
"A form of demand for products in which changes in price correspond to changes in demand" is known as:
a)
Elastic Demand
b)
Inelastic Demand
c)
Supply
d)
Demand
8.
"The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period" is known as:
a)
Elastic Demand
b)
Inelastic Demand
c)
Supply
d)
Demand
9.
The best time for producers to sell their product (characterized by large demand, small supply, and high prices) is during a
a)
Buyer's Market
b)
Seller's Market
c)
Equilibrium Market
10.
The best time for consumers to buy a product/service (characterized by large supply, small demand, and low prices) is during a
a)
Buyer's Market
b)
Seller's Market
c)
Equilibrium Market
11.

The point at which the quantity of a good that buyers want to buy is equal to the quantity that sellers are willing to sell at a certain price is called (a)   .

12.

"Usefulness; capable of satisfying wants and needs is called" (a)   .

13.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
14.
For the law of supply, as price rises, what happens to quantity supplied?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
15.
When quantity supplied and quantity demanded is equal
a)
surplus
b)
shortage
c)
equilibrium
d)
law of demand
16.

Supply and demand determine

a)

needs and wants

b)

all goods produced

c)

the price for a good or service

d)

All of the above

17.

Equilibrium is 

a)

when there is a surplus

b)

when there is a shortage

c)

when there is both a surplus and a  shortage

d)

when the producer and the consumers  agree on a price

18.

Mr. Sherman goes to the ticket booth to buy tickets for a Lakers game. Mr. Sherman is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? 

a)
The arena forgot to print enough tickets.
b)
The supply of tickets was greater than the demand.
c)
The arena charged too much money for each ticket.
d)
The demand for tickets was greater than the supply.
19.
Read the following situation to determine what the outcome would be:

A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions? 
a)
The price will remain the same.
b)
The price will rise.
c)
The price will fall.
20.
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.
21.
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.
22.

Starbucks decided to start selling pumpkin spice lattes again. Because of this, the ​ (a)   and the ​ (b)   .

Choose from the below words
supply goes down
price goes up
supply goes up
demand goes down
demand goes up
price goes down
23.

The TV show Popeye said that eating spinach makes you strong. Because of this the ​ (a)   and the ​ (b)   .

Choose from the below words
supply goes down
price goes up
supply goes up
demand goes down
demand goes up
price goes down
24.

An incident happened on a United flight where a passenger was literally dragged off of a plane. It got reported on the news. Due to this, United's ​ (a)   and the ​ (b)   .

Choose from the below words
supply goes down
price goes up
supply goes up
demand goes down
demand goes up
price goes down
25.

The people in a town love donuts. They have a Krispy Kreme already, but they just built a Dunkin' Donuts. Because of this, the ​ (a)   and the ​ (b)   .

Choose from the below words
supply goes down
price goes up
supply goes up
demand goes down
demand goes up
price goes down
26.
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.
27.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
28.
For the law of supply, as price rises, what happens to quantity supplied?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
29.
When quantity supplied and quantity demanded is equal
a)
surplus
b)
shortage
c)
equilibrium
d)
law of demand
30.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
31.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
32.

Which of the following will cause an increase in demand for snowboards?

a)

More costly production methods

b)

A decrease in the price of lift tickets at resorts in Colorado

c)

A decrease in consumer income

d)

A decrease in the population

33.

Match the following

a)

A situation when economic conditions make it favorable to buyers versus sellers, giving buyers an advantage in price negotiations, usually due to excess supply versus demand.

1.

Buyer's Market

b)

The rivalry between companies selling similar products and services, competing to attract customers with limited dollars to spend.

2.

Competition

c)

Something’s usefulness and the degree to which wants are satisfied.

3.

Utility (or Economic Utility)

d)

A situation when economic conditions make it favorable to sellers versus buyers, giving sellers an advantage in price negotiations, usually due to excess demand versus supply.

4.

Seller's Market

e)

This occurs when the quantity supplied exceeds the quantity demanded.

5.

Surplus

34.

Organize these options into the right categories

Categorize the following

Peanut Butter & Jelly

Apples & Oranges

Hot Dogs & Hot Dog Buns

Sodas & Energy Drinks

Spaghetti & Meatballs

Chips & Salsa

Cookies & Milk

Cheese & Crackers

Butter & Margarine

Tea & Coffee

Beef & Turkey

Wheat Bread & Gluten-Free Bread

Regular Milk & Almond Milk

Complements
Substitutes
35.

What is the Key term for: "A measure of the sensitivity or responsiveness of demand or supply of a good or service based on changes in economic factors, like price."

(a)  

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