Supply and Demand

Supply and Demand

By Lindsey Bourgeois

Describe a time you and your parents went shopping because there was a sale.

What did you buy? How much did you save?

Why do you think you went then and not before?

Why do you think the store had a sale?

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We know that producers sell their goods and services. But, how do producers determine the price of their goods and services?

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The PRICE of goods and services is often determined by supply and demand.

Some text here about the topic of discussion

Supply is the amount of goods or services that people can sell. Supply of a product might be determined by the amount of resources available to make the product.

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Supply

DEMAND is the amount of goods or services that people want and can buy. Demand can go up or down depending on how much consumers want or need something.

DEMAND

LET'S REFRESH

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1. Supply is the amount of goods or services.

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1. Demand is the amount of goods or services that people want and can buy.

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Multiple Choice

What is SUPPLY?

• the amount of goods or services available.

• the amount of goods or services people want and can buy.

LET'S THINK

There were not enough king cakes for everyone who wanted to buy them, so the price went _____.

UP or DOWN?

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​SUPPLY	​DEMAND	​PRICE
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There are more people who want to buy Xboxs than there are ones to buy.

SUPPLY	DEMAND	​PRICE
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​There are more chocolate chip cookies available than people want to buy.

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​SUPPLY	​DEMAND	​PRICE
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1. Why does Halloween candy go on sale the week AFTER Halloween?

When do you think the cheapest time is to buy winter clothes?

Multiple Choice

McDonald's bought too many fries and can't sell them before they expire. What should they do?

• Raise the price so that less people buy fries.

• Lower the price so that people buy extra fries.

Multiple Choice

A hurricane caused a shortage at the store of water bottles. There is not enough for everyone to buy. The store changed the price. What do you think happened to the price?

• The price went higher.

• The price went lower

Poll

Do you need extra help? Do you feel confident on knowing the difference between supply and demand?

• Yes! I understand it.

• No. I need a few more examples to pass a test.

DRAW!

Draw a picture of a time you haven’t been able to buy something you want because the demand is too high!

OR

Draw a picture of a time you got something on sale because the demand was low!

Be sure to label supply, demand, and price in your picture​.

SUPPLY	​DEMAND	​PRICE
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