MARKETS KCCT COACH BOOK CHAPTER 10

PLEASE SELECT A TEAM. Response Grid 1.Pretty purple princesses 2.Rockstar M&Ms 3.Golden cobras 4.Globe Trotters 5.Awesome As 6.Toxic Wasters

WHAT IS A MARKET? a MARKET exists whenever there are buyers and sellers exchanging goods and services Markets can be physical—an actual place that people go to buy things markets can be more digital—buying things over the telephone or on the internet

SUPPLY AND DEMAND in a market, prices are controlled by SUPPLY AND DEMAND (when the supply of goods is limited, and the demand is high, the price goes UP. When the supply of goods is high and the demand goes down, the price goes DOWN.) can you think of an example of supply and demand?

SUPPLY The SUPPLY of goods is the amount of products available to be purchased SUPPLY can also refer to the availability of the product to the seller also. ( the supplier may be able to deliver more of the product to the seller—it may not be available readily at the store, though)

DEMAND The DEMAND for goods refers to how many people not only want the product, but can readily afford to buy it Many people want a sports car, but very few people can afford one, so the DEMAND is LOW for sports cars can you think of some good or service where the demand is low?

PRICE The greater the demand for a product, the easier it is for a store to sell it when there is a limited supply along with a high demand, there is a SHORTAGE When there is a SHORTAGE, the price can go up this is bad for the consumer

PRICE the greater the supply of a product, the harder it is to sell, of there is more product than is demanded, there is a SURPLUS When there is a SURPLUS, there is more than needed, so the price drops this is good for the consumer

PRICE when the supply and the demand balance, the price will stabilize the seller will get a fair price for the product the consumer will pay a fair price for the product the law of supply and demand is essential to a free enterprise system

A MARKET EXISTS WHENEVER THERE ARE: Response Grid 1.sellers 2.buyers 3.buyers and sellers 4.neither buyers nor sellers

FOR WHICH ITEM IS THERE LIKELY TO BE THE GREATEST DEMAND? Response Grid 1.a broken fan 2.chocolate bar 3.replacement radio tube #3AZ 4.expensive stereo system

FASTEST RESPONDERS (IN SECONDS) 0Participant 1 0Participant 2 0Participant 3 0Participant 4 0Participant 5

BOB MANUFACTURES WIDGETS. HIS OLD WIDGET (WIDGET 1.0) HAS JUST BEEN REPLACED BY A CHEAPER MODEL (WIDGET 2.0), WHICH IS NOW AVAILABLE IN STORES. HOW WILL THIS AFFECT THE PRICE OF WIDGET 1.0? Response Grid 1.it will increase 2.it will decrease 3.it will stay about the same 4.it will both rise and fall

UNDER WHICH CIRCUMSTANCES WOULD THERE BE A SURPLUS? Response Grid 1.high demand, high supply 2.high demand, low supply 3.low demand, high supply 4.low demand, low supply

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EXCHANGING GOODS AND SERVICES in the past, the primary way people bought and sold things was through BARTER BARTER is the direct exchange of goods/services (without money) can you think of an example of BARTERING?

EXCHANGING GOODS AND SERVICES The problem with bartering, is that the goods/services being exchanged, didn’t always have equal values Another problem is that one person may be offering a product/service for barter that the other person didn’t want how would you solve this problem?

EXCHANGING GOODS AND SERVICES these problems led to the development of MONEY MONEY is used to trade for goods or services for the agreed upon value MONEY is more efficient than BARTERING for other reasons too…can you imagine carrying enough chickens with you to buy everything you need?

BARTER IS A FORM OF: Response Grid 1.money 2.goods 3.services 4.trade

TEAM MVP PointsTeamParticipant 0TeamParticipant 0TeamParticipant 0TeamParticipant 0TeamParticipant 0TeamParticipant 0TeamParticipant 0TeamParticipant 0TeamParticipant 0TeamParticipant 0TeamParticipant

THE STANDARD MONETARY UNIT IN THE UNITED STATES IS: Response Grid 1.dollar 2.quarter dollar bill 4.penny

PARTICIPANT SCORES 0Participant 1 0Participant 2 0Participant 3 0Participant 4 0Participant 5

WHICH OF THE FOLLOWING STATEMENTS IS TRUE? Response Grid 1.markets can be either physical or digital 2.only buyers are needed for a market to exist 3.only sellers are needed for a market to exist 4.it is a market only if buyers and sellers are exchanging services

SUPPLY AND DEMAND AFFECTS: Response Grid 1.size of markets 2.types of services 3.stock 4.prices

TEAM SCORES 0Team 1 0Team 2 0Team 3 0Team 4 0Team 5

THE PRETTY POLLY DOLL IS A NEW, VERY POPULAR DOLL. THERE ARE NOT ENOUGH DOLLS FOR THE PEOPLE THAT WANTS ONE. THIS IS CONSIDERED A… Response Grid 1.surplus 2.shortage 3.demand 4.market

TEAM MVP PointsTeamParticipant 0TeamParticipant 0TeamParticipant 0TeamParticipant 0TeamParticipant 0TeamParticipant 0TeamParticipant 0TeamParticipant 0TeamParticipant 0TeamParticipant 0TeamParticipant

AT LUNCH TODAY, MARY TRADED HER PICKLE FOR LOUISE’S CUPCAKE. THIS IS AN EXAMPLE OF… Response Grid 1.supply 2.demand 3.barter 4.sale

WHAT PERCENTAGE OF YOUR CURRENT POINTS WOULD YOU LIKE TO WAGER ON THE NEXT QUESTION? 1.0% 2.25% 3.50% 4.75% 5.100% Response Grid

PRICES GO DOWN WHEN: Response Grid 1.supply is high and demand is low 2.supply is high and demand is high 3.supply is low and demand is high 4.supply is low and demand is low

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