Supply and Demand Worksheet

A. Match each item correctly. Write the letter in the blank.

_____1. Needs

_____2. Wants

_____3. Goods

_____4. Services

_____5. Market

A. Works that are performed for someone.

B. Basic requirements for survival.

C. Location or other mechanism that allows buyers to exchange economic products

D. Means of expressing needs

E. Tangible commodities
B. Which of the following is not an economic good?
A. Weather

B. Car

C. Sandwich

D. Haircut

C. Which of the following is an economic bad?

A. Candy

B. Pollution

C. Television

D. Magazine

D. Which of the following is an example of a service?

A. Blow dryer

B. Scissors

C. T.V. repair person

D. Money

E. When supply is greater than demand than it is called a:

A. Shortage

B. Surplus

C. Variable

D. Balance

F. If the quantity demanded equals the quantity supplied it is called:

A. Economic Approach

B. Law of Demand

C. Law of Supply

D. Equilibrium