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WorksheetsDemand and Supply
Total questions: 25
Worksheet time: 44mins
The unit number
(a)
the unit name is
(a)
Match the following
Demand
Ability and willingness for purchase
Supply
Ability and willingness to produce
Price Elasticity of Demand
How much demand changes based on price
If ceteris paribus occurs (everything else remains the same) and price of an product goes up what will happen to the demand of a product?
It will increase
It will decrease
Unknown
Remain exactly the same
If ceteris paribus occurs (everything else remains the same) and price of an product goes down what will happen to the demand of a product?
It will increase
It will decrease
Unknown
Remain exactly the same
Price and demand therefore have an (a) relationship
Reorder the following based in which company is most likely under pressure to keep prices low to attract customers (1 BEING THE MOST UNDER PRESSURE)
Poundland
iPhone
Rolex watches
If a competitor increases their price, explain how that affects demand for your company's demand and how can they further respond to this change?
Why could people's income falling have an affect on demand for your company's product?
Match the factors to the right category
Staying on top of customer trends
In light of the fact that the cost of living crisis is reducing demand for a lot of company's; suggest a strategy then explain how this strategy will support the business in the short-term, long-term and ultimately help the business achieve some of its key objectives
In the law of supply and considering ceteris paribus, if selling price is high/er then companies will want to
Increase supply
Keep supply steady
Reduce supply
Check demand is high as well
In the law of supply and considering ceteris paribus, if selling price is low/er then companies will want to
Increase supply
Keep supply steady
Reduce supply
Check demand is high as well
What is the reason why, in theory, suppliers will supply more if prices are higher?
To ensure they meet demand
To achieve their full potential of profitability
There will be no concerns of cost
Business resources are readily available
Factors that affect supply
Being profitable
Improved tech
Cheaper production
Government subsidies (money provided)
Good weather
Improved infrastructure (buildings, roads etc)
Struggling to break-even (moving into profit)
Expensive production
Natural disasters
Poor weather
Government taxes
Government regulations
Lack of resources
If your company is in the (a) sector and is therefore an manufacturer then it will rely on needing (b) to be used directly in the production process and supplied to them
Factors that causes..............
Lots of competitors
Non-essential items
Seasonal products
No competitors
Essential items
Timeless quality
Low income customers
High income customers
Where do companies belong?
Coke
If having lots of competitors causes a company to have elastic demand, analyze the effects this will have on an company's strategy going forward
If having an target market with high income forces a company to have inelastic prices, explain how this will affect the company's strategy going forward
Which companies/types of product would have seen demand increase because of the COVID Pandemic
Netflix
Uber
JustEat
EA Sports
Football Tickets
Gyms
Pubs/Cafes
Cineworld
Airlines
If a company has a good with a price elasticity of demand which is elastic, how should it maximise profits?
High prices
Low prices
If a company has a good with a price elasticity of demand which is inelastic, how should it maximise profits?
High prices
Low prices
What does this curve represent?
Supply
Equilibrium
Demand
Surplus
