Supply and Demand in a Market Economy

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Presentation transcript:

Supply and Demand in a Market Economy Guided Practice Activity

Problem #1 A very small town has only one gas station. The nearest town is 30 miles away. However, a new gas station opens and begins selling gas. What will happen to the price of gas?

Problem #1 - Answer A very small town has only one gas station. The nearest town is 30 miles away. However, a new gas station opens and begins selling gas. What will happen to the price of gas? The price will decrease because of an increased supply of gas.

Problem #2 The newest smartphone goes on sale in two days. People start camping outside the store in order to get one. The store has enough new phones for the first 300 customers. What will happen to the price of the smartphones?

Problem #2 - Answer The newest smartphone goes on sale in two days. People start camping outside the store in order to get one. The store has enough new phones for the first 300 customers. What will happen to the price of the smartphones? The price will increase because of the high demand and low supply.

Problem #3 A new action movie is released into theaters. Unfortunately, it gets very bad reviews from critics. No one seems to like it. What will happen to the price of movie tickets?

Problem #3 - Answer A new action movie is released into theaters. Unfortunately, it gets very bad reviews from critics. No one seems to like it. What will happen to the price of movie tickets? The price will decrease because of a low demand due to the bad reviews.

Problem #4 A grocery store has too many frozen turkeys to sell. It is also the middle of June and Thanksgiving is five months away. What will happen to the price of frozen turkeys at the store?

Problem #4 - Answer A grocery store has too many frozen turkeys to sell. It is also the middle of June and Thanksgiving is five months away. What will happen to the price of frozen turkeys at the store? The price of frozen turkeys will decrease because of a low demand and a high supply.

Problem #5 Tickets are on sale for trips to outer space! Everyone is talking about it! There are only 30 tickets available in the whole world. What will happen to the price of the tickets?

Problem #5 - Answer Tickets are on sale for trips to outer space! Everyone is talking about it! There are only 30 tickets available in the whole world. What will happen to the price of the tickets? The price of the tickets will increase because of a high demand and low supply.

Problem #6 Freezing weather in Florida has destroyed most of the orange trees. What will happen to the price of orange juice?

Problem #6 - Answer Freezing weather in Florida has destroyed most of the orange trees. What will happen to the price of orange juice? The price of orange juice will increase because of a low supply due to the weather.

Problem #7 A popular singer announces he plans to quit singing and become an actor. He will no longer be making any songs. What will happen to the price of his music?

Problem #7 - Answer A popular singer announces he plans to quit singing and become an actor. He will no longer be making any songs. What will happen to the price of his music? The price of his music will increase because he will no longer be making any new songs so supply will be limited.

Problem #8 Clothing stores sell a red hoodie. It sells well. When a popular actor is seen wearing the same hoodie, sales dramatically increase. What do you think will happen to the price of the hoodie?

Problem #8 - Answer Clothing stores sell a red hoodie. It sells well. When a popular actor is seen wearing the same hoodie, sales dramatically increase. What do you think will happen to the price of the hoodie? The price of the hoodie will increase because of an increased demand since the actor is popular.