On Wednesday, we played a super fun game that taught us a ton about economics. Most recently, we've been learning about budgeting, income, scarcity, resources, goods and services, producers and consumers, and opportunity cost. This is a really tough unit but we are doing great with it so far!
We read a lot about supply and demand and how a low supply makes prices increase, and having a high supply makes prices decrease and vice versa with demand. We put this into action when we broke into two separate groups: buyers and sellers. The buyers had to try and buy the most apples from our sellers and our sellers had to try and make the most money from selling their apples. The sellers made their own prices and deals to try and lure their consumers in. They set initial prices and then after a few minutes were allowed to change to their prices once they saw what their market was like. Some set some crazy prices at first, and then realized what they had to do to sell.
We read a lot about supply and demand and how a low supply makes prices increase, and having a high supply makes prices decrease and vice versa with demand. We put this into action when we broke into two separate groups: buyers and sellers. The buyers had to try and buy the most apples from our sellers and our sellers had to try and make the most money from selling their apples. The sellers made their own prices and deals to try and lure their consumers in. They set initial prices and then after a few minutes were allowed to change to their prices once they saw what their market was like. Some set some crazy prices at first, and then realized what they had to do to sell.