Economics Worksheets Printable

Explore basic economics! Test your knowledge of goods, services and bartering in this quiz. Start your economic journey now!

Test knowledge of supply and demand with this interactive worksheet. Includes multiple-choice questions on equilibrium, market exchange, shortages, and surpluses for economic learning.

This part of the market determines DEMAND: buyers. This part of the market determines SUPPLY: sellers. For the law of demand, as price rises, what happens to quantity demanded: it goes down. For the law of supply, as price rises, what happens to quantity supplied: it goes up. When quantity supplied and quantity demanded is equal: equilibrium. If a price is above equilibrium price, it creates a..: surplus. If a price is below the equilibrium price it creates a..: shortage. What does this curve represent: supply. What could cause the shift from D1 to D2: A change in preferences. This graph represents...: Changes in demand. The point in the middle of the two curves represents or shows....: Market Equilibrium. Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges: The price will go up.. 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: The price will go down.. New technology advances the rate at which furniture can be assembled. Why does this change the supply: There is a change in cost of production.. Which statement expresses a central idea of how the laws of supply and demand work: Prices are determined by the interaction of producers and consumers.. When companies compete in a market economy, what is usually the result: Consumers are able to buy goods for the best available price.. If the price of a substitute to good X increases, then: The demand for good Y will increase. . If the demand for X decreases, then the demand for the complementary good Y will..: Decrease. When the supply of a product or service goes up and the demand stays the same the Price will typically do what? : fall. Mr. Sherman goes to the ticket booth to buy tickets for a Lakers game. Mr. Sherman is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? : The demand for tickets was greater than the supply.. When a price ceiling is in place keeping the price below the market price, what’s larger: quantity demanded or quantity supplied: Quantity demanded. What is the equilibrium quantity in this graph: 600. If the government set the price at $700, would that be a price ceiling or floor: Price Floor . Change in quantity demanded due to a change in price that alters a consumers real income : income effect . In Jim's household, everyone consumes and enjoys milk. Recently, the price on milk increased by two dollars, but despite this increase, Jim and his family still continue to buy the same amount of milk, for they consider it a necessity. Jim's family's demand for milk would be considered fairly: inelastic. When the price on Dasani bottle water decreased, Brad quit buying Nestle bottled water and switched over to Dasani. Brad's demand for Nestle water is fairly: elastic

Test your knowledge about The Law of Supply, and The Determinants of Demand. See how it impacts demand and test your knowledge!

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Test your knowledge about Supply and Demand! Learn economics basics with this quiz. Understand elasticity, costs, and more today!

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all people age 16 and above who are either employed or unemployed : labor force. people who are actively looking for work but are currently unemployed: unemployed. percentage of people in the labor force who are classified as unemployed: unemployment rate. type of unemployment that means you are between jobs: frictional . type of unemployment that means your job was lost due to economic growth: structural. type of unemployment that means you do not have a job due to a change in the business cycle: cyclical. general rise in the price level throughout the economy, reduces purchasing power of money: inflation. general fall in the price level throughout the economy, increases purchasing power of money: deflation. most commonly used measurement of inflation, calculated using a market basket: consumer price index. rapidly rising general level of prices: hyperinflation. an organized group of workers formed to protect rights and interests: labor union. cycle of economic expansion and contraction; shows peak, trough, contraction, and expansion: business cycle. Match the characteristics of the business cycle phases to the correct phase: low unemployment, high GDP, inflation may be high

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Test your knowledge of supply and demand with the help of our engaging quiz.

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Test your knowledge about The Law of Demand and The Determinants of Demand on the quiz today!