Mr. Dunn's Supply and Demand Review

Supply is _______________.

• How much oxygen is left in the atmosphere.

• how much someone wants your product.

• how much of a product or service you have.

• the name of the hit song from the band Eco and the Nomics.

Tags

CCSS.L.5.4A

CCSS.RI.5.4

CCSS.W.5.2D

Demand is ___________________.

• how much of a service or product you have.

• how much someone wants your product or service.

• the nickname for the coolest guy in school because he is "da man"

• how much money your business makes before taxes.

In economics, a producer is _________________.

• one that has a great love for all produce (apples, oranges, bananas, etc).

• someone that produces plays, television shows, or movies.

• someone that sells a product or service.

• someone that buys products or services.

Tags

CCSS.RI.5.4

CCSS.W.5.2D

In economics, a consumer is ____________.

• the guy that consumes the most Doritos at the party.

• anyone that buys goods or services.

• anyone that sells goods or services.

• the meaning of life...spend all the money.

Tags

CCSS.L.5.4A

In economics, a good is _____________.

• a product that you physically purchase (pens, cars, shoes, etc)

• something that makes someone happy.

• something that makes a lot of money.

• work that someone or something performs for you.

Tags

CCSS.RI.5.4

CCSS.W.5.2D

In economics, price is _________________.

• a famous game show.

• the taxes paid on a good or service.

• the specific cost of a good or service.

• something Mr. Dunn cannot ever afford.

Tags

CCSS.RI.5.4

CCSS.W.5.2D

Elise has started her own Christmas tree ornament business. In April, she is struggle to sell many ornaments and the demand is low. What will likely happen to Elise's product in November and December?

• they will be crammed into a warehouse because she cannot sell them.

• the demand will continue to decrease because no one likes her product.

• the supply will become more limited because people will buy more of them.

• the demand will increase and she will be able to raise her prices because people want ornaments for Christmas.

What kind of economy does the United States have?

• An "EVERYTHING IS FREE" econonmy

• A limited economy

• A free-market economy (consumers can spend their money how they wish and producers can set prices they want)

• there is no economy in the United States because everything is AWESOME!

How are fair prices set using SUPPLY AND DEMAND?

• data tracks where SUPPLY and DEMAND meet (called Equilibrium Point) and that advises the best price points for consumers and producers.

• the government tells businesses what they must charge for goods and services.

• producers throw darts at a dart board and pick whatever it lands on.

• using the Wheel of Names.

Aquila has opened his own donut shop (Aquila's Delicious Donuts) and was making a lot of money selling his product. Lynnix decided to open her own bakery (Lynnix's Likeable Treats), and suddenly Aquila is seeing less demand for his donuts. Why is this?

• Lynnix is mean and people are scared not to buy treats from her.

• Aquila's donuts aren't coming up with many new flavors.

• There is now COMPETITION in the market and consumers have a different option when purchasing baked goods (making the demand lower)

• Lynnix is offering specials deals if you buy baked goods from her store.

Tags

CCSS.W.5.1B