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How markets work

Civics & Economics · Economics · ages 11-14

Name ______________________ Date ____________

At $10 per ticket, fans now want 6 tickets instead of 12. They also want fewer at other prices. The arena's seats are unchanged. Which side changed?
- Supply fell because the arena removed some of its seats
- Demand fell while the number of seats stayed the same
- Supply rose because fans want more seats at every price
- Demand rose because fans want more tickets at every price
Demand rises while supply stays unchanged. What is the usual pressure on price?
- It tends to fall
- It tends to rise
- It cannot change at all
What is a union's main role?
- Sell goods to earn profit for company owners
- Collect donations to fund free community meals
- Bargain for members' pay and conditions
In the labour market, what does a worker offer to an employer?
- Their work
- Their house
- Their vote
Qualified workers seeking the same two jobs increase from 3 to 9. Employers' demand for work has not changed. What pressure can this put on offered wages?
- Upward pressure because employers now offer more jobs
- Upward pressure because fewer workers are seeking work
- No possible pressure because worker availability never matters
- Downward pressure as workers compete for the jobs
A group collects donations for free meals. Its purpose is feeding families, and any money left supports that mission. Which description fits?
- A profit-seeking firm selling meals for owner profit
- A charity whose mission is providing meals
- A union negotiating meal workers' pay and conditions
In this example, an umbrella's price changes from $5 before a storm to $12 after it. How many dollars is the increase?
Answer: ______________
A bakery gives this sales pattern: each $1 cut in the price of a muffin adds 10 sales a day. The price falls from $3 to $1. How many extra muffins a day does this pattern predict?
Answer: ______________
An umbrella delivery is lost. Buyers' demand stays unchanged, but the shop raises its price. Zoe says, 'Only the seller's greed can explain this.' What market change does she overlook?
- Sellers' feelings alone explain every price increase
- Buyers must want fewer umbrellas because it rained
- A lost delivery reduced the umbrellas for sale
A charity charges a small fee and uses the money for its mission. Theo says, 'Charging a fee proves it exists to pay profits to owners.' What does Theo miss?
- Fees can fund a charity's mission without owner profit
- Charging any fee proves all income goes to firm owners
- A charity must give every service free and cannot pay staff

Answer key

For grown-ups. Fold this page away before handing over the rest.

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Demand fell while the number of seats stayed the same · Buyers want fewer tickets at each price, so demand fell. The arena's seats did not change.
It tends to rise · Higher demand with unchanged supply puts upward pressure on price.
Bargain for members' pay and conditions · A union represents workers and bargains with employers over pay and working conditions.
Their work · Workers offer work. Employers pay wages for that work.
Downward pressure as workers compete for the jobs · More available workers competing for unchanged jobs can put downward pressure on wages. Contracts and wage rules may limit changes.
A charity whose mission is providing meals · Its stated purpose and use of funds fit a charity serving a mission.
7 · Subtract the old price from the new price: 12 - 5 = 7 dollars.
20 · The $2 cut has two $1 steps. Each adds 10 sales, so 10 + 10 = 20 extra muffins.
A lost delivery reduced the umbrellas for sale · The lost delivery reduces supply. With unchanged demand, that can put upward pressure on price.
Fees can fund a charity's mission without owner profit · A fee does not determine the institution's purpose. These funds support the charity's mission.