Exploring Supply and Demand Concepts for Kids

Justin shares a story about buying ice cream to introduce the concept of supply and demand. He explains how supply is the availability of items and demand is the need for them. The video discusses how these factors influence prices, using examples like ice cream and seasonal items. Viewers learn to apply this knowledge to make better purchasing decisions.

What was the new ice cream flavor that Justin wanted to try?

• Double Chocolate Fudge

• Mint Chocolate Chip

• Strawberry Swirl

• Vanilla Bean

Why did the ice cream vendor raise the price of the double chocolate fudge flavor?

• Because it was a new flavor

• Because it was the end of the day

• Because she was running out of it

• Because it was a hot day

What does 'supply' refer to in the context of supply and demand?

• The quality of an item

• The price of an item

• The number of people wanting an item

• The number of items available

What is 'demand' in the context of supply and demand?

• The number of items available

• The number of people wanting an item

• The price of an item

• The quality of an item

What happens to the price of an item when it is in high demand?

• The price goes down

• The price stays the same

• The price goes up

• The price fluctuates randomly

Why might the price of school supplies go up in August?

• Because they are on sale

• Because they are new items

• Because there is a high demand before school starts

• Because they are out of season

When is the best time to buy a coat to get a good deal?

• During the summer

• During the fall

• During the spring

• During the winter

Why might the price of a coat be lower during the summer?

• Because they are new items

• Because they are out of season

• Because there is a high demand

• Because there is a high supply

When would be a good time to buy a new bathing suit to get a better deal?

• During the winter

• During the spring

• During the summer

• During the fall

What should you keep an eye out for in your everyday life to get better deals?

• Sales and discounts

• Supply and demand

• Store locations

• New arrivals