Supply & Demand

Learn supply and demand basics! Understand scarcity, surplus, producers, consumers, and price with this kid-friendly worksheet.

Fill in the blanks with the words "high" or "low." low high high low Match the words with their definitions. Supply The amount of a good that businesses produce Demand Consumers’ desire to purchase a good or service Producer People who make goods or services Consumer People who buy and use goods and services Surplus An extra amount of goods or services Scarcity Limited quantities of resources to meet unlimited wants What is the definition of price? Fill in the blanks with the correct words. When COVID-19 first broke out in the United States, hand sanitizer was seen as an important part of fighting germs. Everyone wanted it. It was in high demand. However, once everyone wanted to buy it, you couldn't find it anywhere. It was in low supply. When you couldn't find hand sanitizer, you could say there was a scarcity of it, that there were only a few bottles available for everyone who wanted it. A bottle of hand sanitizer was being sold on eBay for hundreds of dollars, which is an outrageous price.After having time to make more hand sanitizer, producers have made a lot. There is now hand sanitizer at every store. It is now in high supply. It seems to be everywhere. There is a surplus of it. We all need hand sanitizer, so we buy it when we need it. We are all consumers of hand sanitizer.