Supply and Demand Lesson

BELLWORK

1. Open yourbinder to the Journal Tab.

2. Write a journalexplaining what the word “barter”means to you.

I can understand thebasics of economics

by experiencing supply and demandon a personal level.

OBJECTIVE

Group Talk

What does itmean to barter?

Definition:A system of exchange by which goods or services are exchanged for other goods or services without using a medium of exchange (money).

What is a tariff?

Pod Talk

Remember theStamp Act andthe Sugar Act?

Those were tariffs!Definition:A tariff is a tax on imports and exports.

What are supply anddemand?

Group Talk

Supply & Demand

The amount of a commodity, product, or service available and the desire of buyers for

it, considered as factors regulating its price.

WHAT????? Let’s re-word that!

Supply & Demand

Activity

Supply or Demand

goes down

Supply or Demand goes up

As a pod,listen to each

statement and decide if supply and demand will go up or down. We will first answer about supply. Next, we will answer the

question again about demand. Select a pod

member to hold up the arrow indicating supply/demand will go up or down when asked by the teacher.

1. Cows everywhere stopped producing milk.2. Everyone started drinking orange juice instead of milk.3. All school cafeterias stopped serving milk.4. Fewer people wanted to be dairy farmers.5. The government wanted to give everyone free cheese.6. There was a chocolate milk drinking contest in every US city.7. Milk went on sale for .25 cents a gallon.8. Ice Cream became America’s most popular dessert.9. A contest where gallon milk lids contained cash prizes.10. Milk, instead of soft drinks, was sold at ball games.11. Feed prices for dairy cows went up.

Milk What Ifs!

1. Cucumbers were found to cure the common cold.2. The weather was bad and not many cucumbers were produced.3. The honey bees did not pollinate the cucumbers.4. People stopped buying pickles and started buying more hot peppers.5. Pickle advertisements on television made more people buy pickles.6. The fast food places stopped putting pickles on their hamburgers.7. Everyone wanted small pickles instead of medium or large pickles.8. Foreign countries started importing pickles at a cheaper price.9. There was a shortage of vinegar.

Pickle What Ifs!

1. Brown eggs became more popular than white eggs.2. Scientists developed an egg without cholesterol and calories.3. Scientists developed a process to eliminate salmonella from all eggs.4. All the 4th and 5th grade classrooms had their own chicken coop.5. The price of grade “A” eggs was .25 cents a dozen.6. No one wanted medium size eggs, but they wanted extra large eggs.7. Omelets became the most popular breakfast food.8. Fake eggs (Egg Beaters) became more popular than real eggs.9. A disease made half of the chickens unable to lay eggs.

Egg What Ifs!

What did we learn?

Barter?Tariff?

Supply?Demand?

Open MarketClosed Market

RecessionDepression

Wednesday’s Lesson