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Market Economics Matching

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Market Economics Matching

A week of heavy rain has reduced the number of strawberries reaching a weekend market in Aotearoa New Zealand. Customers still want to buy them, and the stallholders are deciding what to do. Read the market snapshot, then solve the questions. In this worksheet, supply means how much sellers are willing and able to sell; demand means how much buyers are willing and able to buy.

Market snapshot

The table shows what happens at different strawberry prices on a normal market day. Each crate represents the same amount of strawberries. For this simplified example, buyers and sellers are the only people making decisions in the market.

Price per crate

Crates buyers want

Crates sellers offer

$10

Match the market terms

Match each term to its meaning. Write the correct letter beside each term.

1.Use the market snapshot. At which price are the crates buyers want equal to the crates sellers offer? Name the market idea this shows.

2.At $4 per crate, how many more crates do buyers want than sellers offer? What is this gap called?

3.At $10 per crate, sellers offer more crates than buyers want. How many crates are left over if all the buyers get what they want? What is this situation called?

4.After the rain, fewer strawberries arrive at the market. If customer demand stays the same, what is likely to happen to supply and to the market price? Choose the best answer.

Supply falls; the price is likely to rise.
Supply rises; the price is likely to fall.
Supply stays the same; the price must become zero.
Demand falls; the price must stay the same.

5.Imagine the council sets a price ceiling of $6 per crate. According to the snapshot, buyers want 8 crates at $6 but sellers offer only 4. How many crates might be unavailable to buyers, and why could this rule create a shortage?

6.The council offers berry growers a subsidy to help them buy plants and equipment. Is this government intervention? Explain one way it could affect the market.

7.The council charges a $1 tax on every crate sold. Name one possible consequence for sellers or buyers. Explain your idea.

8.A market is not automatically fair just because it reaches equilibrium. Give one reason a council might intervene in a market, and one possible drawback of that action.