Supply and Demand
When there are many toys in the store and not many kids want them, are the toys expensive or cheap?
Cheap
What does scarcity mean?
When there is not enough of something for everyone to have all they want
Which characteristic of money means you can carry it easily in your pocket?
Portability
What is a trade?
When two or more people exchange things with each other
It's summer and very hot outside. More people want ice cream. Will the price of ice cream go up or down?
Go up
Your family hsa $20 to spend at the store, but you want to buy a toy for $15 and a snack for $10. What do you have to do?
Make a choice/trade-off because you cannot afford both
Money lasts a long time and doesn't fall apart easily. What characteristic is this?
Durability
In a fair trade, both people must agree that they are happy with the exchange. True or false?
True
A new video game just came out and EVERYONE wants it, but the store only has 5 copies. Is this high supply or high demand?
High demand
If you spend your birthday money on a video game, you can't spend it on a book. What is this called?
A trade-off or opportunity cost
You can break a $10 bill into smaller amounts like 2 $5 bills or 10 $1 bills. What characteristic of money is this?
Divisibility
Name the 3 characteristics of a fair trade.
Value, Need, and Mutual Agreement
Farmers grew so many strawberries this season that there are strawberries everywhere in the stores and farms. What will probably happen to the price of strawberries? Will it go up or down?
The price will go down
Mrs. Ellington has 10 pieces of candy to hand out, but there are 14 students in the class. Is this an example of scarcity? Why or why not?
Yes because there aren't enough pieces of candy for everyone in the class.
Before money, people traded things they had for things they needed. What is this called?
Bartering
When people barter, they sometimes can't agree on what things are worth. One person thinks 6 eggs is worth trading for a loaf of bread. The other person thinks their loaf of bread is worth 12 eggs. How does using money make this easier?
Money gives things a set price that everyone agrees on, so everyone knows what something is worth.
On Valentine's Day, everyone wants to buy red roses for their loved ones, but there are only a few roses left at the flower shop. Explain what will happen to the price of roses.
The price will go up because there is high demand and low supply
The school cafeteria only has 100 ice cream cones to sell, but there are over 500 students in the school. Explain what problem this creates and what choice the cafeteria has to make.
This is scarcity because there isn't enough ice cream for everyone. The cafeteria has to decide to (1) sell ice cream or not, (2) which grade level will get first pick, (3) whether to increase the price of ice cream so less people want it.
Name one characteristic of money and explain why it is important.
Answers vary.
In your opinion, what is the most important characteristic of fair trade?
Value / Need / Mutual Agreement
Answers vary.