Supply and Demand

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Supply and Demand

• How do we balance the scale?

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Supply

• The amount of available product to be bought

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Demand

• The amount of people who want a product

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What happens when the demand is higher than the
supply?
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What happens when supply is higher than the
demand?
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How does supply and demand affect choices such as

• Careers
• Types of cars made
• Types of foods sold
• Types of games made

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Can you think of any real life examples where
demand is higher than the supply
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What if the tokens represented money and this was
all you had available for two months?

• Would the price you paid change?
• If so, up or down?

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What if the tokens represented money and this was
all you had available for a week and then you
would get it again?

• Would your price change?
• If so, up or down?

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How does economic stability (financial
consistency) or prosperity affect supply and
demand?

• Think about the last two questions.
• Also consider this What if you never knew how
  much you were going to get paid each pay period?

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Tying it all together

• Think of three items in your desk or locker.
• Without telling anyone, set a price for each of
  those and write them on a piece of paper.
• Walk around and check out all the prices of the
  items as if you were shopping for a deal for
  school supplies.
• Put a talley mark next to any item you want to
  buy. (you can only buy one of each item cany
  buy pencils from 2 different people)

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Tying it all together

• Now that you know how other merchants priced
  their items how will it affect your pricing of
  the same or similar items?
• Were some of the items that would be considered
  in high demand for school low in supply? How
  would that affect pricing?

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Tying it all together again

• Redo your pricing according to what you saw on
  the shopping spree.
• Walk around and re-buy your items.

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Tying it all together again

• Did you change your price?
• Why?
• High demand
• Low demand
• High supply
• Low supply

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