Supply and Demand
What is Supply?
Supply is how much of a good is available.
What is demand?
Demand is how much of something people want.
What does scarcity mean?
When there is not enough goods.
Limited supply but high demand.
What is a plan for spending and saving money?
A budget.
True or False: Henry Ford is famous for designing airplanes.
False.
During the summer, swimsuit prices go up? Why? Think of supply and demand?.
The supply is low and the demand is high because everyone wants to go swimming in the summer.
During Halloween season, costumes go on sale. Is this true or false? Explain your reasoning.
False. They increase in price because the supply is low and the demand is high.
There was a cold front, unfortunately the tomatoes on all the farms in town froze. What good is scarce? and what will happen to the price of the good?
Tomatoes are scarce and the price will increase because the supply is low and the demand is high.
How do people earn money?
Most people earn money from their jobs such as making goods or selling services.
This person is known for starting the Walmart business.
Sam Walton
A storm destroyed many of the orange crops in Florida. How might this affect the cost of orange juice?
The price would increase because the supply is less than the demand.
A pet store accidentally ordered twice as many Blue dog collars than it needed.
Is the supply high or low?
Is the demand high or low?
Will they increase or decrease the price?
The supply is high.
The demand is low.
The price will decrease.
There is an abundance of oranges at the stores. Are oranges scarce or not scare?
Not scarce.
Your third grade class gets a quarter in a jar every time they follow expectations the entire day. They are planning on spending the money once the jar is full. Are they currently spending or saving the money?
They are saving until the jar is full.
This entrepreneur was known for inventing the assembly line to assemble Ford automobiles quicker.
Henry Ford
Mittens went on sale during summer break.
Why did they put mittens on sale?
Think about supply and demand.
Is the supply high or low? Is the demand high or low?
The supply is high and the demand is low, therefore the price is low.
The price of gas will increase because the supply of oil is low and the demand of oil is high.
Lauren saved her allowance to buy a new game. Her mom took her to 3 different gaming stores. Unfortunately the game she wanted was sold out at each store.
What is scarce?
The video game because it is sold out at every store Lauren went to.
Babysitting, mowing the lawn, walking dogs, and selling lemonade are all ways of _____ money and for young people to become an _______.
Word Bank
Earn, spend, save, donate, entrepreneur, American, 3rd grader.
Babysitting, mowing the lawn, walking dogs, and selling lemonade are all ways of EARN money and for young people to become an ENTREPRENEUR.
Sam Walton
Think of supply and demand.
Have a sale on limes.
Lauren saved her allowance to buy a new game. Her mom took her to 3 different gaming stores. Unfortunately the game she wanted was sold out at each store.
What is the supply and demand of this game?
The supply is low and the demand is high.
What can cause scarcity?
New cell phones are going on sale.
Bad weather has caused limes to freeze.
Bad weather has caused limes to freeze.
When you are helping those in need of food, shelter, or medical attention you are...?
Earning, saving, spending, or donating.
Donating
A person who begins a business or innovation is called an entrepreneur: True or False
True?