Supply and Demand

Supply and Demand

Today we will understand the causes and effects of suppy and demand.

Open Ended

Based on the image what do you think the terms "supply and demand" mean?

Essential Question

How does suppy and demand affect our everyday lives?

Make this chart in your Social Studies notebook.

You have 2 minutes

Flocabulary

While you look at the video look for what causes Supply and Demand and its effects.

Multiple Choice

Supply is how much of a good or service is available to buy.

• True

• False

Multiple Choice

Demand is how much of a good or service people want to buy.

• True

• False

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Multiple Choice

Lucas fixes his friend's sink. He is providing a _____________.

• trade

• opportunity cost

• product

• service

Multiple Choice

When the supply of a good is low, and demand is high, what ususally happens to the price of the good?

• It goes up

• It goes down.

• It doesn't change.

Multiple Choice

This year, a pest destroyed a lot of corn crops. Corn didn't grow very well. So, farmers don't have much to sell. A lot of people want corn, and it's hard to find. what will most likely happen to the price of corn?

• The price of corn will go up.

• The price of corn will go down.

• The price of corn will stay the same.

Multiple Choice

The PS5 game just came out. As a result, not many people want to buy the old version. Stores still have a lot of copies of the old version for sale. What will most likely happen to the price of the old version?

• The price of the old version will go up.

• The price of the old will go down.

• The price of the old version will stay the same.

Read the Article

Write down important information; names, dates, places, numbers and important facts.

Multiple Choice

Which group of people are most interested in demand?

• store owners

• consumers

• children

• mothers

Multiple Choice

Supply and demand work together in a market___________.

• planet

• society

• economy

Multiple Choice

For the economy to be successful business need to sell and shoppers mut be willing to spend their

___________.

• savings

• money

• business

• goods

Open Ended

Look at the image. What does this picture tell you about Supply and Demand?

Supply and Demand

When supply is low the demand is high. The price of goods and services depends on how much of something is beign sold and how many people want to buy it.

Multiple Choice

The point where supply and demand are balanced is?

• product

• demand

• surplus

• equilibrium

Multiple Choice

Ms. Daley's class has 10 sharpened pencils. There are 21 students that need a pencil. What is the supply and demand situation?

• High supply, Low demand

• Low supply, Low demand

• Low Supply, High Demand

• High Supply, High Demand

Open Ended

Essential Question: How does supply and demand affect our everyday lives? Supply and demand affects our live because.......