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Supply and Demand
A simple activity that demonstrates the principles of supply and demand.
- "What If" Statements worksheets
- Optional: Empty egg carton, pickle jar & milk jug
- After explaining the economic concepts of supply and demand to your students, conduct this simple but fun activity to check if your students really understand how supply and demand and price are related. If the price of a product increases, quantity demanded will decrease and quantity supplied will increase. If the price of a product decreases, quantity demanded will increase and quantity supplied will decrease. The forces of supply and demand determine prices, which are measures of the relative scarcity of different products.
- Cut apart the milk, pickle, and egg statements. To add interest to the activity place the milk statements into a milk jug that has a hole cut in the side opposite of the handle so a hand can reach in to get the statements. Place the pickle statements in an empty pickle jar, and place egg statements into an empty egg carton. On the outside of the jug, jar, or egg carton write the words: WHAT WOULD HAPPEN IF...
- Divide the class into three groups, and give each group one of the containers.
- Give each student an “arrow” card, which you have copied from below onto cardstock and laminated, for future use.
- Begin by asking one group to read out-loud the first statement that they have pulled from the container.
- Then ask students to hold their arrow facing you and respond by turning their card up or down based on your questions: What will happen to the supply? What will happen to the demand? What will happen to the price? Discuss each statement. The groups should take turns reading from their containers. By the end of the activity every student should have the idea about supply, demand, and price. You’ll know the ones who don’t and be able to work with them on an individual basis. Have fun and “don’t look at your neighbors."
File, Map, or Graphic
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