Supply and Demand Quiz Review Game

Round 1: Tricky Taboo supply manufactured goods Customer price

Round 2: Tricky Taboo services demand seller natural resources

Round 3: Tricky Taboo buyer market Economy goods

Group Challenge When I go to the market, my goal is to make the most amount of money and get rid of the most amount of goods. Who am I? Seller As a buyer, when I go shopping, I hope to get the most amount of _________ for the ________ amount of money. Product/goods/services Least How does supply and demand affect prices? Makes prices go up or down

Buyer or Seller Write buyer or seller on your white board. Wants prices to go up seller Sets the price Provides goods and/or services Come together at a market Buyer and seller Wants prices to go down buyer

What happens to the price? Write up or down for each situation to describe what happens to the price. A drought (not enough rain) has ruined many pumpkin crops right before Halloween. Price goes UP Mickey’s sneaker company had trouble selling their shoes, so they hire One Direction for their commercials. Candy’s Cupcakes bought a new oven and baked twice as many cookies as last year, but a huge snow storm hit and they have too many cookies. Price goes DOWN

The supply is _______ and the demand is ________. I know this because… This is a great deal! It’s a good thing I lowered my price. $.50

The supply is _______ and the demand is ________. I know this because… Since it is the last one left, I am willing to pay extra. I am making a lot of money on just a few apples! $3.50

How does our economy work? Write a paragraph to answer the question using all of these words. buyers, sellers, goods, services, supply, demand, resources Our economy works because businesses are sellers that provide goods and services, and buyers pay money for those goods and services. Supply and demand cause prices to change. Human, natural, and capital resources are all part of our economy.