Students will define: Supply, Demand, Consumer and Consumer Sovereignty.
Discuss the effects of changes in supply and/ or demand on the relative scarcity, price, and quantity of particular products.
Welcome to the Lemonade Stand Project! Your goal in this game will be to make as much money as you can within 30 days. To do this, you've decided to open your own business -- a Lemonade Stand! You'll have complete control over almost every part of your business, including pricing, quality control, inventory control, and purchasing supplies. You'll also have to deal with the weather, which can be unpredictable. Unfortunately, the weather will play a big part when customers are deciding whether or not to buy your product.
Other factors which will make or break your business is the price you charge. Customers are more apt to pay higher prices when the product (your lemonade) is more in demand - When the weather is hotter. As the temperature drops, and the weather turns bad (overcast, cloudy, rain), don't expect them to pay nearly what they would on a hot, hazy day.
The other major factor which comes into play is your customer's satisfaction. As you sell your product, people will decide whether or not they like it, and how much they like or dislike it. As time goes on, they'll start to tell their friends, neighbors, and relatives (hence, your 'popularity'). Sell a good product for a good price, and you'll build business over time!
1. Please visit: http://www.coolmath-games.com/lemonade/
2. Complete the 30 day simulation.
3.If your NET profit is: