Supply & Demand
When the price of ice cream goes up, what do people usually do?
Buy less ice cream.
In G-dragon's music video, he wears stylish sunglasses which quickly become the most wanted fashion item, what economic term describes this?
Increased Demand.
If you keep your money in a piggy bank instead of a real bank, what are you missing out on?
Earning interest.
If you want to buy a $10 lunch but only have $8, what problem are you facing?
Not enough money.
If you find $5 in your old jeans, what do you call this surprise?
If a video game becomes super popular and everyone wants to buy it, what happens to its price?
The price goes up.
This fast-growing business model is all about people selling products on TikTok, Instagram, and other platforms without a physical store.
Social Commerce.
When things cost more than they used to, like when bread used to be $1 but now it’s $2, what’s happening?
Inflation.
If a coffee shop is the only one in town and they raise their prices, what is this an example of?
If you could pay your rent with chocolate, what would that type of money be called?
Chocolate currency.
If you have too many apples and they start getting old, what should you do to sell them quickly?
Lower the price.
If Taylor Swift concert tickets are so popular that people are willing to pay $10,000 for them, what does this show about the tickets?
High demand.
If the government prints a lot of money, what can happen to the value of that money?
It becomes worth less.
If you trade your sandwich for your friend’s cookie, what is this trade called?
Bartering.
If your dog becomes famous on Instagram and you start making money from it, what is this new income called?
Extra income / side income.
If everyone suddenly wants to buy face masks, but there aren’t many left in stores, what happens to the price of face masks?
The price goes up.
If Iron Man invests in Stark Industries and the value of the company grows, what does he get from this investment?
A profit.
When you lend your friend $5 and they pay you back $6 next week, what is the extra $1 called?
Interest.
If a pizza place has a sale and lowers the price of a pizza, what might happen to the number of people buying pizza?
More people will buy pizza.
If you invest in a company that makes flying cars, but they never actually fly, what did you experience?
A bad investment.
In 2021, the PS5 was impossible to buy, and resellers charged triple the price online. What is this called?
Price gouging: Demand is high, but supply is limited (a shortage).
In 2022, Netflix stopped sharing passwords and increased prices. What economic concept explains how they tested what people were willing to pay.
Price elasticity.
Your friend brags about keeping all their savings in cash instead of investing. What’s one big risk they’re taking?
Inflation will eat their money over time.
This fast-food chain is famous for adjusting its menu based on different country preferences - selling rice burgers in Asia and poutine in Canada.
McDonald's.
Your president says, "I’ll just print more money, and we’ll all be rich!" Why is this a terrible idea?
Hyperinflation. (More money in the economy = higher prices, NOT more wealth!)