Explore- Understanding how our economy works Why don’t cookies cost $100 a bag?

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Explore- Understanding how our economy works Why don’t cookies cost $100 a bag?

What determines what people buy and what they are willing to pay for it? Think About It:

The Hula Hoop: A True Story Watch the video clip. When it finishes, be prepared to answer some main idea questions.

1.Why does the business owner lower the price when the hula hoops are not selling quickly? 2.Why did the business owner raise prices? 3.What does an increase in price for a product communicate to consumers about the demand for that product? Think About It:

1. Supply The amount of a good or service available.

2. Demand The desire to obtain a good or service.

3. Capital Any human-made object that is used to make other goods or perform services EX: tools, brochures, money computers, machinery, etc.

What happens to the price when… Supply is high, demand is low? Ex: Old model I-Phones Supply is low, demand is high? Ex: The newest I-Phone model Think About It:

SpongeBob SquarePants: “Chocolate with Nuts” A case study in economy  /episode-19b-spongebob-squarepants-chocolate-with- nuts /episode-19b-spongebob-squarepants-chocolate-with- nuts  Or  As you watch the episode, answer the questions on the handout. The questions do go in order.

1. Spongebob received a magazine in the mail. What did he mean when he said,” How do these people achieve a higher standard of living?” 2. What is an entrepreneur? Who are the entrepreneurs in the episode? 3. What are some examples of capital they used to help them become better salesmen? 4. What are some ways they tried to raise demand for their product? 5. What are some problems they encounter along the way? 6. How could SpongeBob and Patrick have improved their business?

 lies that chocolate can do: Make you live longer.  Makes your hair grow (A bald Fred says "Great! My wife's trying to grow a beard!).  Makes you sound smart (Hillbilly Fishkin says "I'll take 20!").  Keeps your face from getting any uglier (Said by Patrick to a man who looks identical to him and says "Just in time!").  Makes you fly.  Makes you fall in love.  Brings world peace.  Gives the ability to walk through walls.  Makes you rule the world.  SpongeBob and Patrick are injured and in dire need of an operation to the rip-off artist.

 List of things SpongeBob and Patrick bought in the episode:  The Chocolate from the Barg'N-Mart  Candy Bar Bags  Candy Bar Bag Carrying Bags  The Copies of the guy's photo  The Chocolate from the guy  The Diner at Fancy!Fancy!  Possibly the outfits that they were wearing at Fancy!Fancy!  Possibly a meal at the Diner.Diner