Students complete nine fill-in-the-blank problems about market competition, profit, and entrepreneurship. The matching activity pairs producer, consumer, entrepreneur, and surplus with their economic definitions.
Matching economic market roles — producer, consumer, entrepreneur, and surplus — to their definitions consolidates the key vocabulary students need to analyze how businesses start, operate, take on risk, and compete successfully in a market economy.
Style:
Economics: Supply & Demand
Part A: Fill in the Blank
Write the missing word or number on each line.
1. When many businesses sell the same type of product, it is called competition.
2. The money a business earns after subtracting all costs is called profit.
3. A person who starts a new business and takes risks is an entrepreneur.
4. When workers focus on one specific task to be more efficient, it is called specialization.
5. The price where supply and demand are equal is the equilibrium price.
6. When there is more demand than supply, the result is a shortage.
7. Buying goods from another country is called importing.
8. Selling goods to another country is called exporting.
9. Competition among sellers usually keeps prices lower for buyers.
Part B: Matching
Match each item on the left to the correct answer on the right.
1. Match each item to its correct answer.
Producer
→ makes goods to sell
starts a new business
Consumer
→ buys goods and services
more supply than demand
Entrepreneur
→ starts a new business
makes goods to sell
Surplus
→ more supply than demand
buys goods and services
Economics: Supply & Demand
★ Part A: Fill in the Blank
Write the missing word or number on each line.
1) When many businesses sell the same type of product, it is called competition.
2) The money a business earns after subtracting all costs is called profit.
3) A person who starts a new business and takes risks is an entrepreneur.
4) When workers focus on one specific task to be more efficient, it is called specialization.
5) The price where supply and demand are equal is the equilibrium price.
6) When there is more demand than supply, the result is a shortage.
7) Buying goods from another country is called importing.
8) Selling goods to another country is called exporting.
9) Competition among sellers usually keeps prices lower for buyers.
★ Part B: Matching
Match each item on the left to the correct answer on the right.
1) Match each item to its correct answer.
Producer
→ makes goods to sell
starts a new business
Consumer
→ buys goods and services
more supply than demand
Entrepreneur
→ starts a new business
makes goods to sell
Surplus
→ more supply than demand
buys goods and services
Ready to Practice?
Complete each section carefully.
10 Questions
10-15 minutes
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