supply and demand
You own a lemonade stand. It’s 100°F outside, and everyone wants lemonade. What happens to the demand for lemonade?
Demand increases.
If you get it right, gain $100 bonus.
What is one main purpose of money?
It is used to buy goods and services.
Collect extra 100
You buy a new phone because you really want it, even though your old phone works. Are you a consumer or producer?
Consumer.
Gain 100 points.
You have $10. You can buy lunch or save the money. What economic problem are you facing?
Scarcity/limited resources and unlimited wants.
Gain 100 points.
The U.S. buys a product from another country. Is this an import or export?
Import.
Gain 100 points.
Your lemonade stand has tons of lemonade, but almost nobody wants it. What happens to the price if you want to sell it?
The price will probably decrease.
You save $500 in a bank instead of spending it. What are you doing?
Saving.
Protect yourself from losing points on the next question.
A bakery makes cupcakes and sells them to customers. Is the bakery acting as a consumer or producer?
Producer.
Gain 200 points.
You spend Saturday working instead of hanging out with friends. What did you give up?
Your next-best alternative/opportunity cost.
Gain 200 points.
The U.S. sells a product to another country. Is this an import or export?
Export.
Gain 200 points.
A popular celebrity suddenly says your lemonade is their favorite drink. What will probably happen to demand?
Demand increases because more people want it.
Double your points!
Your friend gives you $20 today, but you have to pay them $25 next month. What is the extra $5 called?
Interest.
gain an extra 50 points.
Two stores sell the exact same water bottle. One costs $2 and the other costs $5. Which one might attract more customers?
The $2 bottle, assuming the products are otherwise similar.
Choose another player to lose 100 points.
You have limited money, so you have to decide what is most important to buy. What is this called?
Making an economic choice.
Choose another player to answer your next question.
Two countries trade with each other because each country can specialize in making certain products. What is one benefit of trade?
Countries can get goods more efficiently and have more choices.
Trade 100 of your points with another player. You choose who.
A storm destroys half of the lemons available to your lemonade stand. What happens to your supply?
Supply decreases.
Lose 100 points because your business has fewer products to sell.
You want to buy something expensive, but you don't have enough money right now. You borrow money and agree to pay it back later. What are you using?
A loan/credit.
Borrow 300 points, but you must give back 400 after two turns.
You have $50 and want to buy either shoes or a video game. You choose the shoes. What is the video game an example of?
Opportunity cost.
Choose between +300 points OR forcing another player to answer a 100-point question.
You have $20. You can buy 4 snacks or save the money for a movie. You choose the movie. What is the opportunity cost?
The 4 snacks you gave up.
Double your next question's points.
A country puts a tax on goods coming from another country. What is this tax called?
A tariff.
Everyone else loses 100 points.
You raise the price of lemonade, but people start buying less. What economic idea does this show?
The law of demand: when price increases, quantity demanded usually decreases.
Steal 200 points from another player.
The prices of many goods and services keep increasing over time. What is this called?
Inflation.
Everyone loses 50 points because their money has less purchasing power.
A business lowers its prices because another business is selling a similar product for less. What economic concept is happening?
Competition.
Steal 300 points if you answer correctly.
Your school has a limited amount of money and can either buy new computers or renovate the gym. It can't afford both. What economic concept does this show?
Scarcity and opportunity cost.
Take 500 points OR give another player 200 points.
Country A can make cars really well, while Country B can make computers really well. Instead of each country trying to make everything, they specialize and trade. What economic idea does this demonstrate?
Comparative advantage.
If correct, DOUBLE ALL YOUR POINTS! If wrong, lose half your points.