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Welcome to Supply and Demand! – Basics of buying and selling – What is supply and demand? – Supply is how much of something is available and demand is how much people want it. – How they affect our choices – If many people want something that’s rare, it costs more! – Examples in everyday life – Toys before holidays or lemonade on a hot day show supply and demand. | This slide introduces the fundamental concepts of supply and demand to third-grade students. Begin by discussing the basic idea of buying and selling, such as how they might trade cards or snacks. Explain supply and demand using simple terms: ‘supply’ is how much of something you have, like the number of apples on a tree, and ‘demand’ is how much people want those apples. Illustrate how supply and demand affect prices and availability using relatable examples, such as the cost of popular toys increasing around the holidays or lemonade stands running out of lemonade on a hot day. Encourage students to think of their own examples and understand that this is how things work in stores and markets.

Understanding Supply in Economics – What is supply? – Supply is how much of something is available to sell. – Supply means availability – If we have a lot of something, we can sell a lot. – More supply, more to sell – Like having many lemonades to sell at a stand or toys at a store. – Examples: Stands and Stores | This slide is aimed at helping third-grade students understand the concept of supply in a simple and relatable way. Begin by explaining that supply is the amount of something that is available to sell. Use tangible examples like a lemonade stand or a toy store to illustrate the point that the more of an item you have, the more you can sell. Discuss how having a large supply can affect a business and the choices store owners make. Encourage the students to think of examples from their own experiences, such as having more cookies to sell at a bake sale means they can satisfy more customers.

Understanding Demand in Supply and Demand – What is demand? – Demand means how much people want to buy something. – High demand: Many buyers! – Examples of high demand – Ice cream on a hot day or trendy toys are in high demand. – Demand affects prices – When more people want to buy, sellers can charge more. | This slide introduces the concept of demand to third-grade students. Begin by explaining that demand is all about how much people want to buy a certain thing. Use relatable examples like the desire for ice cream on a hot day or the latest popular toy to illustrate high demand. Discuss how high demand can lead to higher prices because when many people want the same thing, sellers know they can sell it for more. Encourage students to think of items they really wanted and discuss whether those items were in high demand. This will help them understand the basic principles of supply and demand curves that will be discussed in future lessons.

Understanding the Supply Curve – What is a Supply Curve? – It’s a line on a graph showing how much of something people will sell at different prices. – Price up, Sell more – If a store can sell toys for a higher price, they will want to sell more toys. – Let’s draw a Supply Curve – Supply Curve in action – Imagine a lemonade stand: More lemonade is made when more people are willing to buy at a higher price. | This slide introduces the concept of the supply curve to third-grade students. Begin by explaining that a supply curve is a graph that economists use to show how much of something people are willing to sell at different prices. Emphasize that as the price increases, sellers are usually willing to supply more because they can make more money. Use a classroom activity where students draw their own supply curve on graph paper, plotting points that show more items being sold at higher prices. Relate the concept to a familiar situation, like a lemonade stand, where they would want to sell more lemonade if they can charge more per cup. This will help them understand the relationship between price and supply in a tangible way.

Understanding the Demand Curve – What is a demand curve? – It’s a line on a graph showing demand for a toy at different prices. – Price down, demand goes up – Like when a toy is on sale, more friends want to buy it! – Drawing our own demand curve – Demand curve in daily life – Think of lemonade stand: cheaper lemonade can mean more sales! | This slide introduces the concept of a demand curve to third-grade students. Begin by explaining that a demand curve is a way to show how many people want to buy something at different prices. Use relatable examples, such as the demand for a popular toy or a lemonade stand, to illustrate how lowering the price can increase demand. Then, guide the students through the process of drawing a simple demand curve, showing them how to plot points on a graph where the y-axis represents price and the x-axis represents quantity demanded. Emphasize that the curve usually slopes downwards, reflecting that as price decreases, demand typically increases. Encourage students to think of examples from their own experiences where they’ve seen more people wanting to buy something because the price was lower.

The Equilibrium Point in Supply and Demand – Supply & Demand Meet – It’s like when friends meet at the playground! – Finding the Perfect Price – Not too high, not too low, just right. – The Right Amount to Sell – Like selling lemonade: not too many, not too few cups. – What is Equilibrium? – It’s the balance point where everyone is happy! | This slide introduces the concept of equilibrium in the context of supply and demand. Equilibrium is where the supply of goods matches demand. It’s like finding the perfect meeting spot where everyone agrees. Explain that the equilibrium price is not too expensive or cheap, so people will want to buy, and sellers will want to sell. The equilibrium quantity is the right amount that sellers want to sell and buyers want to buy. Use relatable examples, such as selling the right amount of lemonade so that all is sold without running out or having too much left over. This concept is fundamental in understanding how markets work and will help students grasp the basics of economics.

Supply and Demand: Understanding Through Examples – Imagine a farmers market – Fruits and veggies are sold here. What happens when there’s lots of apples? – Seasons changing supply and demand – In winter, some fruits are scarce. How does that affect what we pay? – Prices change over time – Have you seen ice cream cost more in summer? – Why do prices vary? | This slide aims to help students understand the concepts of supply and demand through relatable examples. Start by discussing a farmers market, a place they might be familiar with, where fruits and vegetables are sold. Explain how the supply of apples can be high if many farmers bring them to sell, which might lower the price. Then, talk about how seasons affect the availability of certain produce, making them more expensive when they are less available. Ask the students if they’ve noticed how some items, like ice cream, can be more expensive during certain times of the year, like summer, when the demand is higher. Encourage them to think of other examples where they have noticed changes in prices. This will help them grasp why prices vary for different items at different times.

Class Activity: Setting Up Shop! – Create a store with classmates – Choose a product and set a price – Observe demand at different prices – If we charge more, will fewer friends ‘buy’? – Discuss what we learned – Share our findings on price and demand | In this interactive class activity, students will work together to create their own ‘stores’ within the classroom. They will decide on a product to ‘sell’ and at what price. As the ‘customers’ visit their store, they will observe how the demand for their product changes when they adjust the price. This will help them understand the basic concept of supply and demand curves in a simplified, age-appropriate way. Teachers should prepare fake currency for students to use and guide them through the process of ‘buying’ and ‘selling.’ Possible variations of the activity could include different students having different products or the same product at different prices to see how demand shifts. The goal is for students to grasp the relationship between price and demand in a fun and engaging manner.

Conclusion: Understanding Supply and Demand – Supply & Demand in Shopping – Why Prices Change – When many people want something that’s rare, it costs more! – Balance is Key – Like a seesaw, supply and demand must be balanced for fair prices. – Reviewing Supply & Demand | As we wrap up our lesson on supply and demand, it’s important for students to grasp how these concepts play a role in everyday activities like shopping and selling. Supply and demand influence the prices of the things we buy, such as toys and food. When a lot of people want to buy something that isn’t very common, the price usually goes up. On the other hand, if there’s a lot of something but not many people want it, the price might go down. It’s like a seesaw at the playground; when supply and demand are balanced, prices tend to be fair. Encourage the students to think of examples from their own experiences, such as how the price of their favorite fruit might change throughout the year.