supply and demand case study for high school
0 Section I Vinnie’s Pizzeria -The Story of a Small Business In a small town in New Jersey, Vinnie’s Pizzeria was started back in 1961. Use the following link (Silly Bandz Case Study) http://www.econedlink.org/interactives/EconEdLink-interactive-tool-player.php?filename=SillyBandz21.swf&lid=961, and view the tutorial. 5. To do this, we made use of the ceteris paribus assump­tion and held all other factors which influence demand and supply constant. Demand and Supply Case Study: Demand and supply is the objective economic law which defines the interdependence between the indicators of supply and demand of the products on the market and their price. The Law of Demand states as the price of a good or service that consumers are willing and able to buy during a certain time period rises (or falls), the quantity of that good or service demanded falls (or rises). If the price of a product is too high, supply will exceed the demand and there will be a surplus of goods or services. From the information presented in the video clip from the Hudsucker Proxy and the following link (Hula Hoops Case Study) http://www.econedlink.org/interactives/EconEdLink-interactive-tool-player.php?filename=HulaHoopExamples081.swf&lid=961, examine the changes in demand shown in the video. *ʰT�a3(�(�#�삊>��(�fPPQ�������L|(*4|�����И�����������,��)*t���G?��?������/E����LYE���)��K�`)�4VJf+�4\�h�p�,?E��ܩ�LѤ�F��X��". Supply - http://www.econedlink.org/interactives/index.php?iid=221&type=student, 2. Review the concepts of the "Law of Supply" and the "Law of Demand.". Using their knowledge of the Law of Supply and Demand, and the Hula Hoops Case Study, ask students to view the YouTube video, … trailer Watch this clip from The Hudsucker Proxy and discuss how the supply and demand for Hula Hoops interacted with prices. 0000001389 00000 n registered in England (Company No 02017289) with its registered office at 26 Red Lion The value-scales of producers and consumers are coordinated through the price system. A surplus is the situation that results when the quantity supplied of a product exceeds the quantity demanded. A shortage is the situation that results when the quantity demanded for a product exceeds the quantity supplied. Square This section deals with supply and demand as sometimes taught in high-school economics classes. The following descriptions of supply and demand assume a perfectly competitive market, rational consumers, and free entry and exit into the market. So long we have examined how markets work when the only factor that influences demand and supply is the price of the commodity under consideration. 4. Click on the following links to view the videos. 0000004242 00000 n Conditions. 0000001528 00000 n The case studies for Hula Hoops and Silly Bandz exemplify how changes in demand for consumer products can shift tremendously over short periods. H�\��nGE���Y&N���m��y�J�ﮮ�P���>U��֝���Ǭ?>��|>ާ������}j�s������6{=�W���Q��_^����u�����N��v����S��v�}�~��x��_>]N�����T���ܪݎ��~U��g _ޯ��d��4{��>�����M�o���Ib8z��v�j�|~��a���CkO+;���!�!�l�`K����!x$x��`G��=�~A�L����!P�JP��lA�*d�!�����B� �)hp ���G |*d�!�����B� It is the foundation for much of what is studied in the field, and understanding how supply and demand affect the economy can help us to recognize economics everywhere in our daily lives. 0000000016 00000 n Given their unwillingness to raise prices, continued excess demand can only be met by increasing the supply, which include substitute brands entering the market and gathering market share. %PDF-1.4 %���� Producers of Silly Bandz are sensitive to the idea of raising the price for their product; part of their marketing strategy is that their toy is a cheap alternative to video games and other children's toys that are more expensive. This project has students write a short story about a fictitious business that is affected by as many supply and demand shifters as the students can come up with. 0000003018 00000 n Subsequently, demand skyrocketed for Hula Hoops and led to a large increase in the price level as consumers who wanted to buy a Hula Hoop were willing and able to pay more for the toy. If the supply of a product matches the demand for the product, the price is said to be at equilibrium and the quantity supplied will match the quantity demanded. 0000001192 00000 n 3. Review the concepts of equilibrium price, surplus, and shortage. Equilibrium is the price at which the quantity demanded by buyers equals the quantity supplied by sellers; also called the market-clearing price. Using your knowledge of the laws of supply and demand, the Hula Hoops Case Study, the news article and video clip on the market for Silly Bandz and the Silly Bandz Case Study to examine whether the current price of $5, for a package of Silly Bandz represents an equilibrium price. endstream endobj 822 0 obj<>/Size 809/Type/XRef>>stream If the price of a product is too high, supply will exceed the demand and there will be a surplus of goods or services. Prices will rise or fall based on the supply and demand for goods or services. Answer the questions for Supply and Demand. examine the changes in demand shown in the video. �B Let us make an in-depth study of the shifts in demand and supply.

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