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Exploring price changes

Updated

Students review scenarios involving an imaginary toy store to explore how supply and demand affect prices that people pay.

Big idea

Prices are determined by supply and demand. 

Essential questions

  • What factors influence the price of an item?
  • How might supply and demand affect my buying choices? 

Objectives

  • Learn how supply and demand affect the price of goods and services
  • Analyze scenarios for an imaginary toy store to determine how prices may change based on supply and demand

What students will do

  • Review scenarios about supply and demand at an imaginary toy store.
  • Based on the scenarios, determine what the store owner is likely to do with the toy prices and why.

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Teacher guide

Exploring price changes (guide)

Student materials

Exploring price changes (worksheet)

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