Supply and Demand Basics
Explore the fundamental concepts of supply and demand, how they interact, and their impact on prices in a market economy.
Includes
Standards
Topics
Supply and Demand Basics
Name:
Date:
Score:
Read each question carefully and answer to the best of your ability. This worksheet will test your understanding of supply and demand.
1. What is 'demand' in economics?
The amount of a good or service producers are willing to sell.
The amount of a good or service consumers are willing and able to buy.
The total money a business makes.
The cost of producing a good or service.
2. What happens to demand when the price of a product increases?
Demand increases.
Demand decreases.
Demand stays the same.
It depends on the season.
3. When there is a high supply of a product and low demand, the price will likely .
4. The point where supply and demand are equal is called the price.
5. If a popular new toy is released, its demand will likely decrease.
True
False
6. A drought would likely increase the supply of crops.
True
False
7. Explain the difference between 'supply' and 'demand' in your own words.
8. Give an example of how supply and demand can affect the price of a concert ticket.
Related Worksheets
Factors of Production Worksheet
An introductory worksheet for 6th graders on the four factors of production: land, labor, capital, and entrepreneurship.
Understanding Scarcity
A Grade 6 social studies worksheet exploring the concept of scarcity, its causes, and its impact on decisions.
Introduction to Capitalism
Explore the basic concepts of capitalism, including private ownership, free markets, and supply and demand, suitable for 6th-grade social studies students.
Understanding Personal Finance
A Grade 6 worksheet covering basic personal finance concepts such as income, expenses, savings, and budgeting.
Grade 6 Financial Literacy Worksheet
A worksheet for 6th graders covering basic financial literacy concepts like saving, spending, budgeting, and different types of money.
Understanding a Check
This worksheet helps 6th-grade students learn about the different parts of a check and their functions in personal finance.
Understanding Your Paycheck Stub
A worksheet for 6th graders to learn about the components of a paycheck stub, including gross pay, net pay, deductions, and taxes.
Understanding Monopolies
This worksheet introduces sixth-grade students to the concept of monopolies in economics, exploring their characteristics, causes, and effects on consumers and competition.