This worksheet is a graphic organizer designed to help you visualize how
Supply and
Demand affect each other and the price of items. It doesn't have a single "correct" answer like a math problem, but rather it is a tool for you to fill in with examples or notes from your lesson.
Here is how you can use this chart to complete your homework:
Step 1: Understand the Arrows
The arrows indicate direction:
*
Up Arrow (↑): Means an
Increase (more of something, or price goes up).
*
Down Arrow (↓): Means a
Decrease (less of something, or price goes down).
Step 2: Fill in the Quadrants
You need to write what happens in a market for each scenario. Here is a guide on what typically belongs in each box:
Top Left Box: Supply ↑ (Increases)
*
What it means: There is more of the product available than before.
*
Effect on Price: When there is too much supply, the price usually
goes down.
* *Example to write:* "If a farmer grows too many apples, he has to lower the price to sell them all."
Top Right Box: Demand ↑ (Increases)
*
What it means: More people want to buy the product.
*
Effect on Price: When everyone wants something, the price usually
goes up.
* *Example to write:* "If a new video game comes out and everyone wants it, the store might raise the price."
Bottom Left Box: Supply ↓ (Decreases)
*
What it means: There is less of the product available.
*
Effect on Price: When something is rare or hard to find, the price usually
goes up.
* *Example to write:* "If a bad storm destroys orange trees, there are fewer oranges, so they become more expensive."
Bottom Right Box: Demand ↓ (Decreases)
*
What it means: Fewer people want to buy the product.
*
Effect on Price: If no one wants to buy something, the seller must lower the price to get rid of it. The price
goes down.
* *Example to write:* "If winter coats go on sale in July, nobody wants them, so the price drops."
Step 3: Check the Learning Goals
At the top of the page, there are two stars with goals. Make sure your notes help you do these:
1.
Explain the law: Remember that Supply and Demand work like a see-saw. Usually, if one goes up, the price moves in the opposite direction (unless Demand also changes).
2.
Predict the price: Use the boxes above to guess if prices will rise or fall.
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Final Answer:
This is a graphic organizer for you to fill in. Use the guide below to complete the four sections:
1.
Supply ↑ (Up Arrow): Write that when supply increases,
prices go down. (Example: Overstocked toys go on clearance).
2.
Demand ↑ (Up Arrow): Write that when demand increases,
prices go up. (Example: Popular concert tickets cost more).
3.
Supply ↓ (Down Arrow): Write that when supply decreases,
prices go up. (Example: Rare collectibles are expensive).
4.
Demand ↓ (Down Arrow): Write that when demand decreases,
prices go down. (Example: Old fashion styles are discounted).
Parent Tip: Review the logic above to help your child master the concept of economics supply and demand worksheet.
