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    Ecnomics Activity

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    schuylerf22
    The document introduces a classroom activity to demonstrate the economic concepts of supply and demand. Students will be divided into buyers and sellers and participate in a market simulation with rounds of negotiation over the price of a product. By recording the prices from each round, the activity aims to show how supply and demand factors influence equilibrium price.

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    Ecnomics Activity

    Uploaded by

    schuylerf22
    80 views1 page
    The document introduces a classroom activity to demonstrate the economic concepts of supply and demand. Students will be divided into buyers and sellers and participate in a market simulation with rounds of negotiation over the price of a product. By recording the prices from each round, the activity aims to show how supply and demand factors influence equilibrium price.

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    The document introduces a classroom activity to demonstrate the economic concepts of supply and demand. Students will be divided into buyers and sellers and participate in a market simulation with rounds of negotiation over the price of a product. By recording the prices from each round, the activity aims to show how supply and demand factors influence equilibrium price.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    80 views1 page

    Ecnomics Activity

    Uploaded by

    schuylerf22
    The document introduces a classroom activity to demonstrate the economic concepts of supply and demand. Students will be divided into buyers and sellers and participate in a market simulation with rounds of negotiation over the price of a product. By recording the prices from each round, the activity aims to show how supply and demand factors influence equilibrium price.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    SUPPLY AND DEMAND

    What do you know about supply and demand? A Baby Ruth candy bar costs $.65. Why? Why doesnt it cost $.10? Why not $7.00? What is so special about $.65? We will be learning about SUPPLY and DEMAND. Half of you will be buyers and half will be sellers. Sellers will receive a product to be exchanged on the market and buyers will receive play-money to buy the product. Any money you have at the end of class can be used towards something good (TBA). So be sure to try and make a good sale. Teams will have a minute to negotiate with one another and determine sale prices. You will record your sale prices on the chart below.

    ROUND 1 2 3 4 5

    PRICE

    1. When we decreased the supply, the price went _____________. 2. The price of a good agreed upon by buyer and seller is its _____________price. 3. As the demand for a good increases, the price _____________. 4. What happens to DEMAND for a product if the price decreases?

    5. What happens to prices when SUPPLY increases?

    6. When you have few sellers of a product that everyone wants, what will happen to the price? When there are many sellers of that same product?

    1.Law of Demand: states that as the price of a good or service increases, demand decreases and vice versa 2.Law of Supply: states that as the price of a good or service increases, supply increases and vice versa 3.Equilibrium: Where buyers and sellers agree on a price. On a graph, this is where the demand and supply curves intersect.

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