Social Studies: Economics Supply and Demand Worksheet

Question 1

A store has 50 notebooks for sale before school starts. Many students want notebooks, and the shelves begin to empty quickly. Is demand for notebooks high or low? Explain your answer.

Accepted Answer

Demand for notebooks is high because many students want to buy them and the store is selling them quickly.

Question 2

A farmer brings only 10 baskets of strawberries to the market, but 40 people want to buy them. Is the supply high or low? Explain your answer.

Accepted Answer

The supply is low because there are only 10 baskets available even though many people want strawberries.

Question 3

A toy becomes very popular during the holidays, but stores have only a few left. What will most likely happen to the price of the toy?

Accepted Answer

The price will most likely increase because demand is high and supply is low.

Question 4

A bakery makes 200 muffins, but only 20 muffins are sold by the end of the day. Is demand for the muffins high or low? Explain.

Accepted Answer

Demand is low because the bakery made many muffins but only a small number were bought.

Question 5

Write a short definition of supply in your own words.

Accepted Answer

Supply is the amount of a product that sellers have available to sell.

Question 6

Write a short definition of demand in your own words.

Accepted Answer

Demand is how much people want to buy a product or service.

Question 7

A video game store has many copies of an old game, but very few customers want it. Should the store raise the price or lower the price? Explain why.

Accepted Answer

The store should lower the price because supply is high and demand is low, so a lower price may help sell more copies.

Question 8

An apple orchard has a great harvest and produces far more apples than usual. If demand stays the same, what will most likely happen to apple prices?

Accepted Answer

Apple prices will most likely go down because the supply has increased while demand has stayed the same.

Question 9

Explain what scarcity means in economics.

Accepted Answer

Scarcity means there is not enough of something to meet everyone's wants or needs.

Question 10

A town has only a little water during a drought. Why is water considered scarce in this situation?

Accepted Answer

Water is considered scarce because there is a limited amount available and people still need to use it.

Question 11

At a school fair, one table is selling lemonade. The line is very long, and the lemonade is almost gone. Describe the supply and the demand.

Accepted Answer

The demand is high because many people want lemonade, and the supply is low because there is very little left to sell.

Question 12

A clothing store has too many winter coats left at the end of spring. What sale might the store have, and why?

Accepted Answer

The store might have a discount or clearance sale because demand for winter coats is low in spring and the store wants to sell the extra supply.

Question 13

Choose the better example of high demand: a product that few people want or a product that many people want. Explain your choice.

Accepted Answer

A product that many people want is the better example of high demand because demand means how much people want to buy something.

Question 14

A concert sells out in one hour because many people want tickets and there are not enough seats. Which is higher, supply or demand? Explain.

Accepted Answer

Demand is higher than supply because many people want tickets, but there are only a limited number of seats available.

Question 15

Describe one real-life example of supply and demand that you might see in your community.

Accepted Answer

One real-life example is a local ice cream shop on a hot day. Demand is high because many people want ice cream, and if the shop starts running low, the supply becomes low.

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Social Studies: Economics Supply and Demand

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