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Page 1 of 2 Economics Worksheet A-2 Write the word or phrase next to its definition Scarcity Shortage Equilibrium Trade-off Surplus Opportunity Cost Hypotheses Supply Utility Elasticity Diminishing Marginal Utility Demand ___________________ 1. When the amount of goods or services in the market place exceeds the demand. ___________________ 2. When the quantity demanded is greater than the quantity supplied. _____________________ 3. The power of a good to satisfy a need or want. _____________________ 4. Law that states that the more you get of something the less it satisfies your wants and needs. _____________________ 5. The quantity of a good or service producers are willing and able to provide at each price. _____________________ 6. The quantity of a good or service that consumers are willing and able to buy at each price. _____________________ 7. The price at which the quantity demanded is the same as the quantity supplied. _____________________ 8. The degree to which demand will change as a result of a change in price. Define, or determine between, the following words or terms 10. Elastic Demand __________________________________________________________________________________ 11. Inelastic Demand _________________________________________________________________________________ 12. Law of Supply ___________________________________________________________________________________ 13. Law of Demand __________________________________________________________________________________ Graphing 14. In the space below draw and completely label a supply and demand curve with the following factors. Demand Supply $2 = 12 million $2 = 3 million $4 = 9 Million $4 = 6 Million $6 = 6 Million $6 = 9 Million $8 = 3 million $8 = 12 million Economics Honors 06/28/17 Page 2 of 2 Short Answer Explain or answer the following using complete sentences. Substitute Goods: _______________________________________________________________________ Complementary Goods: __________________________________________________________________ Market Demand: ________________________________________________________________________ ______________________________________________________________________________________ Market Supply: _________________________________________________________________________ ______________________________________________________________________________________ Demand Elasticity: ______________________________________________________________________ ______________________________________________________________________________________ Supply Elasticity: _______________________________________________________________________ ______________________________________________________________________________________ Subsidy: ______________________________________________________________________________ Productivity: ___________________________________________________________________________ ______________________________________________________________________________________ Profit: ________________________________________________________________________________ What is the difference between a surplus and a shortage? ________________________________________ ______________________________________________________________________________________ What is the difference between shortage and scarcity: ___________________________________________ ______________________________________________________________________________________ Scarcity Shortage Explain profit using worksheet number 1 and the terms variable costs, fixed costs, and total costs. ______________________________________________________________________________________ ______________________________________________________________________________________ Substitution Effect: ______________________________________________________________________ ______________________________________________________________________________________ Complete the chart below on the influences on Supply and Demand: Factors the Affect Demand Factors that Affect Supply Economics Honors 06/28/17
