How we organize ourselves

Topic: Supply and demand Grade Level: 3-5

Equilibrium: Mr. Demand, Meet Mr. Supply Grade Level: 3-5 6-8

Explore the invisible hand of supply and demand. Perhaps you've seen the phrase market price on a menu before. Market price is the place at which Mr. Demand and Mr. Supply meet, a point of equilibrium between consumer demand and producer supply. An excess supply or surplus will cause the price to go down or producers to make less. If sellers keep running out of a product before the next delivery, they can raise prices or ask producers for more

Episode 15: The High Cost of High Demand Grade Level: 3-5 6-8

The coolest new product is coming out tomorrow and everyone wants one! This amazing new product costs $500, but the line at the electronics store was still around the block. In a few months, it will be cheaper. The cost is high now because it costs a lot to develop a new product and the manufacturer may have also lost money on unsuccessful products. A popular new product is their chance to make up that money while they have the advantage. Learn about supply and demand from Warren Buffett.

Have You Ever Eaten Caviar? Grade Level: 3-5 6-8

Caviar is one of the most expensive foods in the world, costing from $8,000 to $16,000 per kilogram, depending on the quality. This luxury food comes from unfertilized roe (ripe egg masses) of sturgeon fish. Historically, caviar came from sturgeon fish from the Caspian and Black Seas until they were fished almost to extinction. In the 1800s, sturgeon was found in great supply in several U.S. rivers, and the U.S. became the largest producer of caviar. This brought down the price, but as the sturgeon began to decline from overfishing, caviar prices rose sharply in the 1960s.

Those Golden Jeans Grade Level: 3-5 6-8

Three different types of resources are needed to make a good or service available. Human resources are the people who do the jobs. Natural resources are things from nature like water or gold. Capital resources are made by people like tools and factories. Drag each resource to the right category. Determine how many pieces of pizza you could and would buy at different prices. Find out how to eliminate a surplus or shortage as you learn about supply and demand. Figure out the equilibrium price for a pair of jeans or a DVD player

Supply and Demand Grade Level: 3-5 6-8

Discover how supply and demand determines the price of an item. Supply is how much of the item is available while demand refers to how much consumers want to purchase. As the price goes up, fewer consumers are willing to purchase a product. The understanding of supply and demand as part of economics transformed how prices were determined. In the past, prices were determined solely based on producer costs. Explore the role of competition in determining demand and price.