Economics Terms Matching

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📈 Part 1: Match the Economics Terms

Instructions: Draw a line to connect each economics term on the left with its correct definition on the right.

1. Market Equilibrium

2. Supply

3. Demand

4. Price Ceiling

5. Subsidy

6. Tax

7. Government Intervention

8. Elasticity

9. Price Floor

10. Consequences

A. The amount of a product or service available to consumers

B. A compulsory financial charge imposed by the government on goods or services

C. The point where supply equals demand, and the market is balanced

D. A government-imposed limit on how low a price can be charged

E. The desire and ability of consumers to purchase goods or services

F. Financial assistance provided by the government to encourage production or consumption

G. Actions taken by the government to influence or regulate markets

H. The measure of how much quantity demanded or supplied changes in response to price changes

I. A government-imposed limit on how high a price can be charged

J. The outcomes or effects that result from market activities or policies

1. Give a real-world example of when the New Zealand government might use a subsidy:

2. Explain what might happen to the market for petrol if the government imposed a price ceiling of $1.50 per litre:

3. What are two possible consequences of increasing taxes on sugary drinks?

a) _________________________________________________

b) _________________________________________________