Exploring Supply and Demand Concepts for Kids

What is the main topic of the video?

• Biology

• Geometry

• Economics

• History

What misconception did Lee have about supply and demand?

• It's a part of biology

• It's a cooking term

• It's related to geometry

• It's about history

What did Lee think supply and demand was related to?

• Mathematics

• Science

• Literature

• Geometry

Why is economics considered a science?

• Because it involves experiments

• Because it involves mathematical calculations only

• Because it studies the production, distribution, and consumption of goods and services

• Because it deals with chemicals

What would happen if no one wanted to buy a product?

• Its production would likely decrease

• No effect on its supply or demand

• Its supply decreases

• Its demand increases

What is the purpose of studying economics according to Mr. Franklin?

• To understand the universe

• To learn about historical events

• To become better at mathematics

• To know how well we are doing at making things and providing jobs

How does Mr. Franklin describe economics?

• As a form of art

• As a science

• As a type of physical education

• As a branch of mathematics

What example does Mr. Franklin use to explain supply and demand?

• Cars and fuel

• Hip-hop music and iPhones

• Books and libraries

• Movies and popcorn

What happens to the demand for old iPhones when a new model is released?

• It fluctuates unpredictably

• It decreases

• It increases

• It remains the same

What advice does Mr. Franklin give to Lee at the end?

• To take more breaks

• To work hard and stay focused on studies

• To switch subjects

• To ignore homework