Shortage and Surplus in Economics
Explore the concepts of shortage and surplus, their causes, and effects on market equilibrium in this Grade 10 economics worksheet.
Includes
Standards
Topics
Shortage and Surplus in Economics
Name:
Date:
Score:
Read each question carefully and provide your best answer. For multiple-choice questions, circle the correct option.
1. What is the economic term for a situation where the quantity demanded exceeds the quantity supplied at a given price?
Surplus
Shortage
Equilibrium
Inflation
2. A surplus in the market typically leads to:
An increase in price
A decrease in price
No change in price
An increase in demand
1. A price ceiling set above the equilibrium price will always result in a shortage.
True
False
2. Technological advancements in production generally lead to a surplus if demand remains constant.
True
False
1. When the quantity supplied is greater than the quantity demanded, a occurs.
2. A is often caused by a price being set below the equilibrium price.
3. In a free market, prices tend to when there is a shortage.
1. Briefly explain how a market typically adjusts to eliminate a surplus.
2. Describe two potential causes of a shortage in a market.
The diagram below illustrates a basic supply and demand curve. Use it to answer the following question.
3. On the diagram above, if the price were set above point 'E', would that create a shortage or a surplus? Explain your reasoning.
Related Worksheets
Understanding Monopolies
This worksheet explores the concept of monopolies in economics, their characteristics, causes, and effects on markets and consumers.
Understanding Capital Gains
This worksheet introduces Grade 10 students to the concept of capital gains, how they are generated, and their basic implications in economics.
Understanding Minimum Wage
This worksheet explores the concept of minimum wage, its economic impacts, and current debates surrounding it, suitable for Grade 10 social studies students.
Personal Financial Literacy Worksheet
This worksheet covers essential concepts in personal financial literacy for 10th graders, including budgeting, credit, and investing.
Introduction to Economy
This worksheet introduces fundamental economic concepts relevant to Grade 10 Social Studies, covering basic definitions, market structures, and economic indicators.
Cost-Benefit Analysis Worksheet
This worksheet helps students understand and apply the principles of cost-benefit analysis to real-world scenarios.
Supply and Demand Fundamentals
Explore the fundamental principles of supply and demand, including definitions, determinants, and market equilibrium.
Factors of Production Worksheet
An economics worksheet for Grade 10 students covering the four factors of production: land, labor, capital, and entrepreneurship.