Social SciencesFreePrintable

Economics Terms Matching

A free social sciences worksheet ready for your classroom. Open in Kuraplan to grab the print-ready PDF, customize it for your students, or generate a fresh version in seconds.

Download now

Name:Date:

Economics Terms Matching

Use the market story and the economics terms to solve each task. For matching, write the correct definition letter beside each term. Explain your reasoning where asked.

A busy Saturday

At a weekend market in Aotearoa New Zealand, several growers sell strawberries. After a sunny week, growers bring more punnets than usual. Many shoppers want strawberries, but not everyone is willing to pay a high price. The price settles at $6 a punnet, and most punnets sell. The council then considers helping local growers cover the cost of reusable packaging. Later, a poor harvest reduces the number of punnets available.

1.Write the letter of the best definition beside each term.

1. Supply
2. Demand
3. Market equilibrium
4. Subsidy
5. Tax
6. Price ceiling
7. Price floor
8. Elasticity
9. Government intervention
10. Consequence

F. A government-set maximum price
C. The amount buyers are willing and able to buy at different prices
D. A point where the quantity buyers want equals the quantity sellers offer
J. An outcome or effect of a decision or event
I. An action by government that affects how a market works
E. Government financial support intended to encourage an activity
B. A compulsory payment collected by the government
A. The amount of a good or service sellers are willing and able to offer
G. A government-set minimum price
H. How strongly buyers or sellers change their behaviour when price changes

2.After a sunny week, growers bring more strawberry punnets to the market. Which term describes the amount they are offering for sale?

Demand
Supply
Tax
Elasticity

3.At $6 a punnet, the number of punnets shoppers want to buy is about the same as the number growers want to sell. What market outcome does this describe?

4.The council pays part of the cost of reusable packaging for local growers. Name the economics term for this kind of financial support.

5.A poor harvest means fewer strawberry punnets are available. If shopper demand stays similar, what is one likely effect on the market price? Explain why.

6.A rule says a punnet cannot be sold for more than $4. Which term describes this government-set maximum price?

Price floor
Price ceiling
Subsidy
Market equilibrium

7.Suppose a government sets a minimum price that buyers must pay for a product. Which term describes this rule?

Price ceiling
Price floor

8.When the price of strawberries rises slightly, shoppers buy much less. What does this suggest about the price elasticity of their demand?

9.The government introduces a new rule about how market stalls must label the origin of their produce. What broad economics term describes government actions that influence markets?

10.The council is considering a small tax on disposable packaging sold at the market. Give one possible consequence for shoppers or stallholders.