Inflation

What do we call it when people want to buy a certain thing?

• Demand

• interest

• curiosity

• economics

What do we call something that people sell?

• give-aways

• freebies

• Goods/ services/products

• coupons

If someone has too much of a product to sell, what can they do?

• Throw the extra product away.

• Lower the price to encourage people to buy it

• Try to do "buy one-get-one free."

What is another term for the thing that people want to buy?

• demand

• economics

• interest

• supply

If there is more demand than there is supply, what will happen?

• The product/goods becomes more expensive.

• Things for free!

• The prices come down!

• Buy-one-get-one-free!

If there is more supply than there is demand--what can happen?

• The price doubles.

• The products/goods become more expensive!

• The product becomes harder to find in stores.

• The product can become cheaper/less expensive

What happens when there is too much money and too few goods/products?

• Prices go lower?

• Recession

• economics

• inflation

Think about this: What can cause prices to go up?

• People are getting paid more money.

• The product is harder to get.

• Wars

• Famines

If you make delicious chocolate chip cookies, and suddenly, because of a drought, it is harder to you to get the cocoa that chocolate chips are made from. What happens? (Two correct answers)

• You may have to make cinnamon cookies instead.

• You may have to charge more for the chocolate chip cookies

• You give cookies away for free.

• You lower the prices of the cookies.

You make chocolate chip cookies and there was a great farming season: cocoa and flour are cheap--meaning you can make chocolate chip cookies for even cheaper. How will this affect your business?

• You raise the prices of cookies!

• You make your cookies cheaper to attract customers.