1. Supply and Demand Quiz Review Game

2. Round 1: Tricky Taboo
supply
manufactured goods
Customer
price

3. Round 2: Tricky Taboo
services
demand
seller
natural resources

4. Round 3: Tricky Taboo
buyer
market
Economy
goods

5. Group Challenge
When I go to the market, my goal is to make the most amount of money and get rid of the most amount of goods. Who am I?
Seller
As a buyer, when I go shopping, I hope to get the most amount of _________ for the ________ amount of money.
Product/goods/services
Least
How does supply and demand affect prices?
Makes prices go up or down

6. Buyer or Seller Write buyer or seller on your white board.
Wants prices to go up
seller
Sets the price
Provides goods and/or services
Come together at a market
Buyer and seller
Wants prices to go down
buyer

7. What happens to the price?
Write up or down for each situation to describe what happens to the price.
A drought (not enough rain) has ruined many pumpkin crops right before Halloween.
Price goes UP
Mickey’s sneaker company had trouble selling their shoes, so they hire One Direction for their commercials.
Candy’s Cupcakes bought a new oven and baked twice as many cookies as last year, but a huge snow storm hit and they have too many cookies.
Price goes DOWN

8. The supply is _______ and the demand is ________.
I know this because…
This is a great deal!
It’s a good thing I lowered my price.
$.50

9. The supply is _______ and the demand is ________.
I know this because…
Since it is the last one left, I am willing to pay extra.
I am making a lot of money on just a few apples!
$3.50

10. How does our economy work?
Write a paragraph to answer the question using all of these words.
buyers, sellers, goods, services, supply, demand, resources
Our economy works because businesses are sellers that provide goods and services, and buyers pay money for those goods and services. Supply and demand cause prices to change. Human, natural, and capital resources are all part of our economy.