Students fix three supply-demand errors — higher price increasing demand, surplus caused by excess demand, and supply defined as consumer behavior. Part B has four questions about demand, price direction, and producers. Part C has two questions about holiday toy pricing and the producer-consumer distinction.
Correcting supply-demand direction errors — especially the reversed price-demand relationship — builds the core economic reasoning students need to predict how markets respond to price and quantity changes.
Style:
Economics: Supply & Demand
Part A: Fix the Sentence
Each sentence has an error. Rewrite it correctly on the line.
1. Fix the sentence:
When the price of a toy goes up, more people want to buy it.
Rewrite: When the price of a toy goes up, fewer people want to buy it.
2. Fix the sentence:
A surplus happens when there is more demand than supply.
Rewrite: A surplus happens when there is more supply than demand.
3. Fix the sentence:
Supply means how much consumers want to buy a product.
Rewrite: Supply means how much producers are willing to sell a product.
Part B: Fill in the Blank
Write the missing word or number on each line.
1. How much people want to buy a product at a given price is called demand.
2. When demand is high and supply is low, prices usually rise.
3. A person or company that makes products to sell is called a producer.
4. A person who buys or uses goods and services is called a consumer.
Part C: Short Answer
Answer each question in one or two complete sentences.
1. If a popular toy is hard to find during the holidays, what happens to its price and why?
The price goes up because there is high demand from many shoppers but low supply of the toy. When demand is greater than supply, sellers can charge more.
2. What is the difference between a producer and a consumer?
A producer is a person or company that makes or provides goods and services. A consumer is a person who buys or uses those goods and services.
Economics: Supply & Demand
★ Part A: Fix the Sentence
Each sentence has an error. Rewrite it correctly on the line.
1) Fix the sentence:
When the price of a toy goes up, more people want to buy it.
Rewrite: When the price of a toy goes up, fewer people want to buy it.
2) Fix the sentence:
A surplus happens when there is more demand than supply.
Rewrite: A surplus happens when there is more supply than demand.
3) Fix the sentence:
Supply means how much consumers want to buy a product.
Rewrite: Supply means how much producers are willing to sell a product.
★ Part B: Fill in the Blank
Write the missing word or number on each line.
1) How much people want to buy a product at a given price is called demand.
2) When demand is high and supply is low, prices usually rise.
3) A person or company that makes products to sell is called a producer.
4) A person who buys or uses goods and services is called a consumer.
★ Part C: Short Answer
Answer each question in one or two complete sentences.
1) If a popular toy is hard to find during the holidays, what happens to its price and why?
The price goes up because there is high demand from many shoppers but low supply of the toy. When demand is greater than supply, sellers can charge more.
2) What is the difference between a producer and a consumer?
A producer is a person or company that makes or provides goods and services. A consumer is a person who buys or uses those goods and services.
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9 Questions
15-20 minutes
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