Free Printable WorksheetSocial StudiesGrade 7Social Studies CurriculumC3 D2.Eco.3.6-8, D2.Eco.4.6-8, D2.Eco.6.6-8

7.46 Markets, Prices, and Competition Worksheet

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Worksheet Overview & Skills Covered

Core academic competencies and curriculum alignment

This Grade 7 Social Studies worksheet provides structured practice on 7.46 Markets, Prices, and Competition. Students are guided through targeted exercises that build foundational understanding, computational accuracy, and critical thinking skills.

Markets, Prices, and Competition - Which choice best demonstrates this skill — Markets, Prices, and Competition — by asking students to describe roles of buyers and sellers, how competition affects prices and wages, and how changes in supply and demand influence quantities and prices.? (C3 D2.Eco.3.6-8, D2.Eco.4.6-8, D2.Eco.6.6-8)

Whether you are an educator preparing classroom handouts, a tutor reinforcing weekly topics, or a parent supporting homeschool learning, this printable resource gives students the deliberate practice required to achieve subject fluency and master state standards.

Grade

Grade 7

Subject

Social Studies

Domain

Social Studies Curriculum

Formats

PDF & DOCX

Sample Practice Problems

Preview the types of problems and questions covered in this worksheet

Below are sample questions representative of the exercises included on this worksheet and related 7.46 Markets, Prices, and Competition skill assessments:

Problem 1Difficulty: Mastery
Before the school dance, more students want flowers, but this year two extra florists also open nearby. After the market adjusts, the average flower price stays about the same while more bouquets are sold. Which explanation best fits the result?
ASupply and demand both increased, and their price effects offset.
BSupply decreased and demand decreased at the same time.
COnly demand changed, so price should have doubled.
DOnly supply changed, so quantity should have fallen.
Solution & Explanation:More students wanting flowers increases demand, and extra florists increase supply. If those price effects offset each other, price can stay similar while quantity sold rises.
Problem 2Difficulty: Mastery
A town debates whether to allow one more pharmacy. Which argument best reflects how competition works in markets?
AAnother seller can pressure prices and give buyers more choices.
BAnother seller always guarantees higher prices.
CCompetition matters only when workers sell labor.
DAdding a seller removes the need for buyers.
Solution & Explanation:An additional pharmacy would add another seller to the market. More sellers can increase competition, which can benefit buyers.
Problem 3Difficulty: Mastery
A market research table shows four online stores lowered prices after buyers began comparing reviews, shipping times, and return policies on one website. What force is most clearly at work?
ACompetition among sellers for informed buyers
BA drop in labor supply
CA shortage caused by lower demand
DA fall in supply because buyers compare prices
Solution & Explanation:When buyers can compare sellers more easily, sellers face stronger competition. That can lead them to lower prices or improve offers.

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Frequently Asked Questions

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QWhat grade level and standards does this worksheet align with?

This worksheet is designed specifically for Grade 7 Social Studies students. It aligns with educational standard C3 D2.Eco.3.6-8, D2.Eco.4.6-8, D2.Eco.6.6-8 (Primary standard selected for prompt fields in this prompt cell: C3 D2.Eco.3.6-8, D2.Eco.4.6-8, D2.Eco.6.6-8. Skill statement in this prompt cell: Which choice best demonstrates this skill — Markets, Prices, and Competition — by asking students to describe roles of buyers and sellers, how competition affects prices and wages, and how changes in supply and demand influence quantities and prices.? Associated standards listed with this skill in this prompt cell: C3 D2.Eco.3.6-8, D2.Eco.4.6-8, D2.Eco.6.6-8. Use this prompt-provided wording as the supporting standard description for this workflow.).

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