Free Year 11 Markets Worksheets

2 free markets resources for Year 11: 2 study guides. Answers included.

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Demand, supply, equilibrium, elasticity and market failure. In Year 11, Year 11 is the first year of senior study.

Students will practise: stating the laws of demand and supply and the ceteris paribus assumption; distinguishing movements along a curve from shifts of a curve; finding equilibrium price and quantity from a schedule or simple equations; explaining the effects of price ceilings and price floors; calculating price elasticity of demand using percentage changes; classifying demand as elastic, inelastic or unit elastic and checking with total revenue; explaining the determinants of elasticity of demand and supply; identifying types of market failure and matching them to government responses.

Recommended learning path

Study Guides

Clear explanations, examples and tips.

Success Tutoring
Demand, Supply and Market Equilibrium
What you need to know
A market is any arrangement that brings buyers and sellers together. D
• Demand shifts right (increases) when: consumer income rises
• Demand shifts left (decreases) when: the opposite of each of
• Supply shifts right (increases) when: the cost of inputs suc
• Supply shifts left (decreases) when: input costs rise, firms
Study Guide
Demand, Supply and Market Equilibrium
HSC/VCE-style study notes on the laws of demand and supply, the factors that shift each curve, and how a market reaches equilibrium. Works…
Difficulty
Level 2 · Standard
Time
25 min
Success Tutoring
Elasticity and Market Failure
What you need to know
Price elasticity of demand (PED) measures how responsive the quantity
Common mistake: using the change in dollars or units instead of the pe
• Availability of substitutes: the more close substitutes, the
• Necessity or luxury: necessities such as medicine are inelas
Price elasticity of supply (PES) is the percentage change in quantity
Study Guide
Elasticity and Market Failure
HSC/VCE-style study notes on price elasticity of demand and supply, how to calculate and classify elasticity, and why it matters for…
Difficulty
Level 2 · Standard
Time
25 min

Common questions

What do Year 11 students learn about markets?

Demand, supply, equilibrium, elasticity and market failure. At Year 11, our resources focus on: stating the laws of demand and supply and the ceteris paribus assumption; distinguishing movements along a curve from shifts of a curve; finding equilibrium price and quantity from a schedule or simple equations; explaining the effects of price ceilings and price floors.

Where should we start?

Read the study guide first, then start with the Level 1 or Level 2 worksheet. Finish with the topic test.

Are answers included?

Yes — every worksheet has an answer sheet. Maths answer sheets show the working; English tasks include model answers or success criteria.

How to use these resources

Draw every diagram from memory after reading the notes — demand and supply shifts especially.
Practise the calculations until the formulas are automatic.
Link each policy to the current Australian context (RBA cash rate, the Budget) in your own words.
Use the Check yourself questions as a weekly quiz.

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