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Economics Fundamentals Worksheet
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Economics Fundamentals Worksheet
📊 Part 1: Multiple Choice Questions
1. What happens to the price of a product when demand increases but supply remains constant?
Price decreases
Price increases
Price stays the same
Price becomes unpredictable
2. Which market structure is characterised by many sellers offering identical products?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
3. Which of the following are key economic indicators? (Select all that apply)
Gross Domestic Product (GDP)
Inflation rate
Unemployment rate
Company profit margins
4. Market equilibrium occurs when:
Supply exceeds demand
Demand exceeds supply
Supply equals demand
Government sets the price
✏️ Part 2: Short Answer Questions
5. Define market equilibrium and explain why it's important in economics.
6. Name and briefly describe ONE type of government intervention in markets.
7. Fill in the blanks:
When the government imposes a ________ on cigarettes, it increases the cost of production, which shifts the ________ curve to the left, resulting in a ________ price for consumers.
8. Explain how rising unemployment rates might influence government economic policy decisions.
🎯 Part 3: Application and Analysis
9. Scenario Analysis: A new technology makes it cheaper to produce smartphones. At the same time, consumer income increases significantly. Predict what will happen to the price and quantity of smartphones sold. Explain your reasoning.
10. Real-world Connection: Give an example of how supply and demand principles affect your daily life as a student.
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