Do Now: What happens to the price of items as the demand increases?

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Presentation transcript:

Objective: To examine some of the negative results of the Roaring 20’s. Do Now: What happens to the price of items as the demand increases? What happens to the price if the demand decreases? Demand = Price Demand = Price

The Law of Supply and Demand The card is valuable because of its scarcity. In 2007, a mint copy was sold for $2.35 million. Only 50 – 60 Honus Wagner baseball cards exist in the world. + = Honus Wagner baseball card (1909 ) + = Demand Supply Price

The Law of Supply and Demand Even though there is a large demand, there is a lack of scarcity. Sells for approximately $5.00. Available almost everywhere. + = Miley Cyrus Poster + = Demand Supply Price

The Law of Supply and Demand No scarcity and no demand. Therefore, this pile of dirt is virtually worthless. Available almost everywhere. + = A small pile of dirt. + = Demand Supply Price

The Law of Supply and Demand A 1964 GI Joe in good condition is relatively scarce. This one was for sale on Ebay for $350.00 In “good” condition. + = GI Joe Action Figure (1964 ) + = Demand Supply Price

The Law of Supply and Demand U.S. farmers sold farm products to the European powers in large numbers. Due to an increase in scarcity, the price of U.S. farm goods increased. + = British poster during WWI asking people to preserve food. + = Demand Supply Price

The Other Half: Farmers During World War I: Europeans needed food. They bought U.S. farm products. U.S. farm prices increased. U.S. farmers borrowed money to buy more land and supplies.

The Other Half: Farmers After World War I: Europeans began to produce their own food again. The demand for U.S. farm products decreased. U.S. farm prices decreased. Farmers could not repay their debts.

The Other Half: Laborers Workers went on strike when wages did not increase along with prices.

The Other Half: Laborers Management broke union strikes without any government interference. If anyone knows of an appropriate anti-labor video that can be shown in an attempt to bring balance to the discussion please let me know! mrberlin @ mrberlin.com Video: When Union Busters Attack! (2:36) Warning! This video is biased in favor of unions!