به انگلیسی

How the economy works

Life Skills · Money & Finance · ages 9-11

Name ______________________ Date ____________

A shop offers 5 scooters. At its posted price, 12 customers are willing and able to buy one each. How many more scooters are needed to meet all 12 requests?
Answer: ______________
A delayed delivery means a stall can offer only 4 baskets instead of 12 at the same price. Buyers' plans have not changed. What changed?
- The amount buyers want rose from 4 to 12 baskets
- The amount offered rose from 4 to 12 baskets
- The amount offered fell from 12 to 4 baskets
- The amount buyers want fell from 12 to 4 baskets
Who is producing a good in this trade?
- A shopper buying corn to cook
- A farmer growing corn to sell
- A family buying bread for lunch
Supply describes how much buyers are willing and able to buy at different prices.
Circle one: True False
A bakery can now offer 12 loaves instead of 6 at the same price. Buyers' demand has not changed. What pressure does the larger supply put on price?
- Pressure to raise prices because fewer loaves are offered
- Pressure to lower prices because more loaves are offered
- Pressure to raise prices because buyers' demand increased
At $5 per pie, sellers offer 8 pies and buyers want and can buy 8 pies in total. What does this show at that price?
- There must be unwanted pies left over at $5
- Every seller must always charge $5 for a pie
- Every buyer must pay $5 for all eight pies together
- The offered and wanted amounts match at $5
At $4 per basket, a farmer offers 10 baskets. Fourteen buyers are willing and able to buy one each. What is the situation at that price?
- A shortage: more baskets are wanted than offered
- A surplus: more baskets are offered than buyers want
- A balance: ten baskets can meet all fourteen requests
- A surplus: the four missing baskets count as unsold stock
More people want and can buy ice cream at each price. Supply has not increased. What pressure does this put on price?
- Pressure to lower prices until cones are free
- Pressure to remove every cone from sale
- Pressure to raise prices as buyers compete
Jay says, 'A farmer buys bread for lunch, so the farmer cannot also be a producer of food.' What does Jay miss?
- Buying lunch stops a farmer from producing food
- Selling food stops a farmer from ever buying lunch
- A farmer can have both roles in different trades
A shop still has many winter coats. In summer, fewer people want and can buy them at each price. What might the shop do?
- Lower prices to attract more coat buyers
- Raise prices because coat demand has increased
- Treat the coats as sold even though nobody buys them

Answer key

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

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7 · 12 scooters are wanted and 5 are offered. The missing amount is 12 - 5 = 7.
The amount offered fell from 12 to 4 baskets · The seller offers fewer baskets at the same price. The change is on the supply side.
A farmer growing corn to sell · Growing corn to sell produces a good. The other people are buying goods to use.
False · This describes demand. Supply describes how much sellers are willing and able to offer at different prices.
Pressure to lower prices because more loaves are offered · A larger supply with unchanged demand puts downward pressure on price.
The offered and wanted amounts match at $5 · Eight pies offered equals eight pies wanted at $5. The amounts balance at that price.
A shortage: more baskets are wanted than offered · Fourteen baskets are wanted but only ten are offered at $4. This is a shortage.
Pressure to raise prices as buyers compete · Higher demand with unchanged supply puts upward pressure on price. A seller may still keep its posted price.
A farmer can have both roles in different trades · The farmer consumes bread in one trade and produces food for sale in another.
Lower prices to attract more coat buyers · Lower demand can lead a seller to cut prices to attract buyers.