Do Now Take out your T-chart from yesterday. You will 10 minutes to complete it.

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Presentation transcript:

Do Now Take out your T-chart from yesterday. You will 10 minutes to complete it.

Moment of Nature Sand Crabs

Supply & Demand

Supply – the amount of a product or service available.

Demand – the amount of a product or service that people want

Supply and demand usually set the price for an item.

Lots of people want it. Demand _____________

Only a few people want it Demand ____________

There is a large amount of something Supply _______________

There is a little amount of something Supply ______________

High Demand (people want it), Low Supply (not a lot to sell) = price goes up Low Demand (nobody wants it), High Supply (lots to sell) = price goes down

Brainpop /supplyanddemand/

Why is this important in environmental science? Resources such as coal and oil follow the law of supply and demand. Renewable resource must be cheaper than that of coal People need to demand clean energy. As the supply of coal & oil decreases, the price will increase, hopefully cuasing people to use renewable resources.

Supply & Demand What If’s In groups, you will take turns selecting a scenario from your bag. After each scenario, you will work in your group to say whether the price, supply, or demand will increase or descrease. When I say show me, your groups will show me your answer on your whiteboard.

Journal Imagine that you are selling an new item (toy, video game, sneaker). How would you use the law of supply and demand to make sure that you would get the most money?