WorksheetsSupply and Demand
Total questions: 16
Worksheet time: 25mins
Name
Class
Date
1.
How much people want something
a)
supply
b)
demand
2.
The making, buying and selling of goods and services
a)
economics
b)
inflation
c)
market
d)
barter
3.
Another word for money
a)
coffee
b)
economics
c)
currency
d)
price
4.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
5.
A general increase in prices
a)
price
b)
inflation
c)
scarcity
d)
demand
6.
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.
7.
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.
8.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
9.
Physical items that you can touch and see are called:
a)
Goods
b)
Needs
c)
Services
d)
Wants
10.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what?
a)
rise
b)
fall
c)
stay the same
d)
Consumer
11.
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.
12.
In general, if the price of a good or service goes up, what happens to the demand for that good or service?
a)
demand goes up
b)
demand stays the same
c)
demand goes down
d)
none of the above
13.
Suppose you have a football trading card that everyone else has. Your friends probably won't give you much for it. The supply of that card is high, and the demand for it is low. What will happen to the price of that card.
a)
The price will go up.
b)
The price will go down.
14.
Lucas fixes his friend's sink. He is providing a _____________.
a)
trade
b)
opportunity cost
c)
product
d)
service
15.
Few farmers have ripe cherries to sell. The supply of cherries is low. But many customers at the market want to buy cherries.The demand for cherries is high. What will happen to the price of the cherries?
a)
The price will go up.
b)
The price will go down.
16.
According to the laws of supply and demand, when will companies produce more of a product?
a)
When the price people will pay for it goes down
b)
When demand decreases
c)
When they can sell it for a higher price
d)
When the economy turns downward
100 %
