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Market Economics Matching Worksheet

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Market Economics Matching Worksheet

A busy weekend market is selling jars of local honey. Use the market schedule and the scenario below to explore supply, demand and government choices. Prices are in New Zealand dollars (NZ$).

The honey market

The market schedule shows how many jars shoppers want to buy and how many jars sellers plan to offer at different prices.

Price per jar

Jars shoppers want to buy (demand)

Jars sellers plan to offer (supply)

NZ$4

NZ$6

NZ$8

NZ$10

Match the market terms

Match each term to its meaning. Use each meaning once.

1.Match each term to the correct meaning. Terms: A. Supply; B. Demand; C. Market equilibrium; D. Subsidy; E. Tax; F. Price ceiling; G. Price floor; H. Government intervention; I. Consequences. Meanings: 1. Legal minimum price; 2. Consumers’ willingness and ability to buy; 3. Results or effects of an action or policy; 4. Government financial help intended to support an activity; 5. Point where quantity supplied equals quantity demanded; 6. Compulsory charge collected by government; 7. Amount sellers are willing to offer; 8. Government action to influence a market; 9. Legal maximum price.

A. Supply
B. Demand
C. Market equilibrium
D. Subsidy
E. Tax
F. Price ceiling
G. Price floor
H. Government intervention
I. Consequences

2. Consumers’ willingness and ability to buy
4. Government financial help intended to support an activity
7. Amount sellers are willing to offer
8. Government action to influence a market
3. Results or effects of an action or policy
5. Point where quantity supplied equals quantity demanded
6. Compulsory charge collected by government
9. Legal maximum price
1. Legal minimum price

Investigate the schedule

Use the honey market schedule above to answer Questions 2–6.

2.At which listed price are the number of jars shoppers want to buy and the number sellers plan to offer equal? State the number of jars.

3.At NZ$4, are there more jars demanded or supplied? Calculate the difference.

4.At NZ$10, choose the best description of the schedule: A. a shortage of 60 jars; B. a surplus of 60 jars; C. equal supply and demand; D. no jars are supplied.

A. A shortage of 60 jars
B. A surplus of 60 jars
C. Equal supply and demand
D. No jars are supplied

5.When price rises from NZ$4 to NZ$10, the quantity demanded generally .

6.When price rises from NZ$4 to NZ$10, the quantity supplied generally .

Make a market decision

Apply the ideas to a change at the market and think about possible effects.

7.A cold, wet spring reduces the local honey harvest. True or false: this change is likely to reduce the supply of honey, even if shoppers’ demand stays the same. Explain your choice.

8.Suppose the government sets a maximum legal price of NZ$4 per jar. Using the schedule, explain one likely market consequence at that price.

9.A beekeeper says, “A subsidy could help me afford equipment and produce more honey.” Explain how a subsidy might affect supply, and name one possible cost or consequence to consider.