Explore- Understanding how our economy works

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Presentation transcript:

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

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

The Hula Hoop: A True Story Watch the video clip. When it finishes, be prepared to answer some main idea questions. http://www.youtube.com/watch?v=Ng3XHPdexNM

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

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

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

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

4. Scarcity When there is high demand for a product, but very low supply. EX: food scarcity; not enough of a popular toy at Christmastime, etc.

What happens to the price when… Think About It: 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

SpongeBob SquarePants: “Chocolate with Nuts” A case study in economy As you watch the episode, answer the questions on the handout. The questions do go in order. http://www.mojvideo.com/video-spongebob-squarepants-chocolate-with-nuts/6ffea948898a487b00dd

2. What is an entrepreneur? Who are the entrepreneurs in the episode? 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! Possibly the outfits that they were wearing at Fancy! Possibly a meal at the Diner.