Social Studies
Objective: I can use scarcity, supply, demand and trade ideas in a market simulation.
Standards: D2.Eco.4.3-5, D2.Eco.7.3-5, D2.Eco.1.3-5
Builds on: Needs Days 1 to 4 of this week. One-minute check: "What do sellers hope to have left after paying their costs?" (A profit.)
Materials: 10 play dollars for each buyer, 14 index cards (goods cards), 3 sticky notes for price tags, 2 toy animals as extra buyers, if only two people play, Stored Week 26 check and its answer key, Notebook, Pencil
- Warm-Up · 5 min
Spaced review from Week 25. Ask: "Name the three jars in a money plan." (Save, Spend and Share.) Then ask the big question: "You have $10 and three things you want. Which comes first? Why?"
- Mini-Lesson · 10–15 min
Say: "Today we run a market." Write the goods cards: 6 stickers, 6 bookmarks and only 2 slime cups. Lay them out. Write $2 on each sticky note and tag each kind of good. Say: "Sellers want a profit. Buyers want good value. Each buyer has $10, so no one can buy everything." Give the rules. Sellers may change prices between rounds. Buyers may say no to a price. Everyone speaks politely. With only two people, each toy animal is a buyer with $10, and you shop for it. Say: "Watch what happens to a popular item when it runs low." Ask: "Which good is scarce before we start?" (Slime. There are only 2.) "Three buyers each want slime. Can all of them get one?" (No.) "What might the seller do to the slime price in round 2?" (Raise it.) If stuck, say: "Count the cards. Count the buyers who want one."
- Activity / Source Work · 15–20 min
Market rounds. 1) Round 1. Every good costs $2. Buyers shop until they stop or run out of money. 2) Your child fills a chart: Good | Round 1 price | Number sold | Round 2 price | Number sold. 3) Put the cards and money back. Swap roles. 4) Round 2. The seller may change prices, such as slime to $4 and bookmarks to $1. Buyers shop again. 5) Your child finishes the chart and counts the money left. Ask: "Why did the seller change that price? Use the words supply and demand." (Sample: slime supply was low and demand was high.) "What did you want but not buy?" (That is the opportunity cost.) Slime usually sells out first. Real results vary. Look for the pattern: a good that many buyers want and few sellers have gets a higher price. If slime did not sell, ask which good did and why.
- Notebook Entry · 10 min
Keep this to 5 minutes today so the check fits. In the notebook, your child completes: "I bought ___. I spent $__ and had $__ left. The price of ___ changed because ___." Sample: "I bought one slime and two stickers. I spent $8 and had $2 left. The price of slime changed because many buyers wanted it and there were only two."
- Exit Ticket · 5 min
Ask the three exit questions aloud. Then give the stored Week 26 check. It has 7 items and takes about 15 minutes. Score it with the answer key. 6 or more right: move on to Week 27. 4 or 5 right: redo Day 2's chart with three new scenarios. 3 or fewer right: reteach Day 2 with a mini market that has few of one item. Praise reasons that use supply and demand. If time is short, give the check later today.
Watch for: Thinking sellers raise prices just to be mean.
Try: Ask: "Many people want the last slime cup. What can the seller do?" Link the higher price to low supply and high demand.
- In your market, which price changed? Tell why, using the word supply or demand.
- What was your opportunity cost in the market?
- The seller suddenly gets 10 more slime cups. What will most likely happen to the slime price? Why?
Show answers
- Answers vary. Look for: a price that rose because supply was low or demand was high, or fell for the opposite reason.
- Answers vary. Look for: the next-best good your child wanted but did not buy.
- It will most likely go down, because the supply is now much higher.
Support: Your child teams up with an adult for one role. Use only stickers and slime.
Extend: Run a third round in which a second seller opens a stand with the same goods. Your child predicts what happens to prices. (They may fall as sellers compete.)
Homework: Your child tells a family member one thing the market showed about prices. Look for a reason that uses supply or demand.
Practice page · Week 26, Day 5
Social Studies
I can use supply and demand ideas in a market game.
Record each round of the market game.
| Round | Item | Price | Sold out? |
|---|---|---|---|
- 1.
Which item sold out first in Round 1?
- 2.
How did the sellers change prices in Round 2?
Answer the questions.
- 3.
You have $10. You buy a $4 slime cup and a $2 sticker. How much is left?
- 4.
Explain the price change using the words supply and demand.
- 5.
What was your opportunity cost in the market?
Challenge: What would you do differently next time?
Materials: goods cards (stickers, bookmarks, slime cups) · play money