How Does Supply Affect Prices?

Learn how the price of goods and services you purchase changes based on how much is available! This worksheet provides students with an explanation of why the supply of something affects its price; if supply is high, then people have the choice to look for cheaper options, but if supply is low, people have fewer choices and have to buy a more expensive product. Students will read about six scenarios and determine what will most likely happen to the supply and price of the good or service being described. 

Designed for fourth and fifth graders, this worksheet is a great choice for introducing students to the reasons why prices change within the economy. This simple explanation of how supply affects price gives students the foundational knowledge they need to understand how the economy works and learn about more complex economic concepts in the future. 

Check out the paired worksheet here: How Does Demand Affect Prices? To learn even more about fundamental economic concepts, try What Is Scarcity? and Identify Producers and Consumers.