Supply
What is the definition of supply?
How much of something is available to purchase
Demand can be ___________ or ___________.
High or Low
What is the difference between a "good" and a "service"?
- A good is a physical object that you can purchase
- A service is an action that someone else performs, and you pay the person that provides this action
What is the formula for profit?
What product did Cole and Brody sell at Market Day?
CHOMPERS!
Aniah is selling lemonade to our class to earn enough money to buy another 3D snake. She sells makes 35 cups of lemonade. Every person in our class wants one cup! The supply of her lemonade is (higher/lower) than the demand.
Higher; we only have 24 students!
What is the definition of demand?
The amount of people that want to buy something
What is the definition of "Cost of Production"?
Provide an example.
(To get all 200 points, you must answer both questions correctly).
The amount of money that you spend to create a product (before you can even sell a product).
Ask teacher if example counts!
Tylee is making snow globes to sell to her friends and family. Last weekend, she sold 25 snow globes for 4$ each. She spent $12 on supplies.
What is Tylee's profit?
$88
Lily and Nilin sold one product, with different variations. What was their product?
Regular and Special Capybara Bunnies
Teniola and Joelle made 25 Crafties. Anaelle bought 5 Crafties. What is the smallest fraction that can represent the amount of Crafties that were taken home by Anaelle?
1/5
Mae is selling her art, and she's getting lots of interest! She starts off charging $5 a drawing, but she's almost out. How should she change her prices, and why? Include the word "demand" in your answer.
She should increase her prices to keep up with the high demand, as her supply lowers.
What is the definition of scarcity?
What is an example of something that can be scare?
(to earn all 300 points, you must answer both questions)
Ask teacher if example counts!
Anaelle and Riley made a profit of $275 with their ducks! They earned $412 from their classmates. What was their cost of production?
$137
How much did Umme charge for her bracelets (before she lowered the price)?
$12
Demi is publishing his first comic book!
Everyone in 3Al orders two copies each - one to read, and one to have Demi autograph.
What is the predicted supply that Demi will need to fulfill all orders?
50 copies.
everyone = all 24 students (including Demi) and Teacher B!
25 x 2 = 50
What was written on Grayson and Jude C.'s business sign?
"Trinket Cups and Sculptures"
TRICK QUESTION: Catalina wants to sell ice cream to the second graders on the playground. Estimate her predicted supply if each second grader wants one ice cream cone (the closest guess wins the points!).
Closest guess to 52 ice cream cones wins!
Grey and Jeremiah made a sculpture out of play-doh ($7) and a bouncy ball ($7).
They sold the sculpture for $_________.
How much did they sell this sculpture for? What was their cost of production for this sculpture?
(To get all 500 points, you must answer both questions correctly!)
They sold the sculpture for 15$.
Their CoP was $14.
Their profit on the sculpture was $1.