Price Ceilings, Price Floors and Market Gaps
Written by Adi Ackerman, Head Teacher
"Price Ceilings, Price Floors and Market Gaps" is written for 7th Grade (Ages 12-13). A 6th grader who is already steady on Economics and Money can use it too, and an older student can use it as a short review.
2 pages in this set
7th grade social studies worksheet: mark shortage and surplus gaps on a graph and judge price ceilings and price floors. Answer key included. Part of our supply and demand economics and money collection.
How do I use this worksheet?
Start with the table sheet, then graph the shifts. The shifters sheet is a good review.
What students will practice
- Students will find equilibrium price and quantity on a graph.
- Students will tell a price ceiling from a price floor.
- Students will measure the gap that a legal price limit creates.
Curriculum Links
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FAQ
How do I use this supply and demand worksheet?
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Start with the table sheet, then graph the shifts. The shifters sheet is a good review.
What does this worksheet teach?
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Mark shortage and surplus gaps on a graph and judge price ceilings and price floors. The directions on the page read: Read the text. On the graph, draw a bracket along Line A and Line B from the demand curve to the supply curve, then write Shortage or Surplus and its size beside it. An answer key is included.
Can I use this supply and demand worksheet for homeschool or classroom?
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Yes, both. We made it for 7th grade Economics and Money, and it works the same at home or at school. At home, a student can work through it alone and then go over it with you, which shows quickly what is solid and what needs another look. In class it works as independent practice, homework or a warm-up, and you can print one copy or a full set.
What is equilibrium?
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Equilibrium is the price where the quantity buyers want equals the quantity sellers offer.
What is a price ceiling?
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A price ceiling is a legal maximum. When it is below equilibrium, buyers want more than sellers offer, so there is a shortage.
What can shift demand?
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The sheet lists five demand shifters: income, tastes, related goods, expectations and the number of buyers.
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Worksheet Details
| Grade | 7th Grade |
| Subject | Social Studies |
| Topic | Economics and Money |
| Pages | 2 pages |
| Difficulty | Medium |
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