Exit Ticket: Supply and demand basics

Exit Ticket · Grade 6 · Social Studies

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Short Answer Questions

• Q1. In your own words, explain what happens to the price of a product when demand goes up but the supply stays the same.

• Q2. Give a real-world example of a product where supply and demand affects its price. Explain your thinking.

Reflection

• What is one thing about supply and demand that still feels confusing to you, and what question would you ask to help clear it up?

Multiple Choice

• Q1. A new video game is released and everyone wants to buy it, but only a few stores have it in stock. What will most likely happen to the price?

  • The price will go down because fewer people can buy it.
  • The price will stay the same because supply and demand are balanced.
  • The price will go up because demand is high and supply is low.
  • The price will go up because supply is high and demand is low.

  Answer: The price will go up because demand is high and supply is low.

• Q2. Which of the following best describes 'supply' in economics?

  • The amount of money consumers are willing to spend
  • The number of buyers interested in a product
  • The amount of a product that is available for sale
  • The price a store charges for a product

  Answer: The amount of a product that is available for sale

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