Supply and Demand Fundamentals
An 8th-grade social studies worksheet covering the basic principles of supply and demand, including definitions, factors, and market equilibrium.
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Supply and Demand Fundamentals
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Read each question carefully and answer to the best of your ability. This worksheet will test your understanding of supply and demand in economics.
1. Which of the following best describes the Law of Demand?
As price increases, quantity supplied increases.
As price decreases, quantity demanded increases.
Supply and demand always remain constant.
Government regulations control all prices.
2. What is the term for the point where the quantity demanded equals the quantity supplied?
Surplus
Shortage
Equilibrium
Inflation
3. An increase in the price of a product will typically lead to an increase in the quantity demanded.
True
False
4. Technology improvements in production can cause an increase in supply.
True
False
5. The amount of a good or service that consumers are willing and able to purchase at various prices is called .
6. When the quantity supplied is greater than the quantity demanded, a exists.
7. Factors that can shift the demand curve include consumer tastes, income, and the price of goods.
8. Explain how a sudden increase in the popularity of a new toy could affect its demand and price.
Match each term on the left with its definition on the right.
9. Supply
a. The amount of a good or service that producers are willing and able to offer for sale.
10. Demand
b. The amount of a good or service that consumers are willing and able to purchase.
11. Equilibrium Price
c. The price at which quantity demanded equals quantity supplied.