📊 Part 1: Understanding Supply and Demand

1. Define "supply" in your own words:

2. Define "demand" in your own words:

3. Which statement about demand curves is correct?

As price increases, demand usually increases

As price increases, demand usually decreases

Price has no effect on demand

Demand curves always slope upward

4. Which statement about supply curves is correct?

As price increases, suppliers usually offer more goods

As price increases, suppliers usually offer fewer goods

Supply curves always slope downward

Price doesn't affect how much suppliers produce

📈 Part 2: Market Equilibrium

5. What is market equilibrium?

6. Complete the following scenario:

If the demand for concert tickets increases but the supply stays the same, the price will likely _____________ because _____________.

7. Draw a simple supply and demand graph in the box below. Label the axes, draw both curves, and mark the equilibrium point with an "E".

8. Real-world application: If bad weather destroys half of New Zealand's apple crop, what would happen to:

a) The supply of apples: _______________________

b) The price of apples: _______________________

c) The demand for oranges (substitute fruit): _______________________

🤔 Part 3: Critical Thinking

9. Choose a product you buy regularly (e.g., soft drinks, phone credit, movie tickets). Describe two factors that could increase demand for this product:

10. Explain how understanding supply and demand can help you make better decisions as a consumer:

Supply and Demand Curves

Supply and Demand Curves

📊 Part 1: Understanding Supply and Demand

📈 Part 2: Market Equilibrium

🤔 Part 3: Critical Thinking

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