supply and demand

Introduction

Hello!

My Name is Misty Glisson. I am a senior at Kentucky State university. I am currently doing my observation hours at Second Street Elementary. My degree is in Elementary education. I Plan on teaching at Engelhard Elementary School in Louisville in 2020.

Task

Hello students!!

Today we are gong on a hunt with Indiana Jones to find the biggest diamond in the world while also learning about supply and demand! First lets see what you know!

Grab a partner and go on an adventure into the amazon jungle to get the diamond by answering these two questions:

What is supply?

What is demand?

What is Equilibrium?

watch this fun video to swing over a pit of snakes to get to the secret cave with the diamond inside. 

 

Now that you at the front of the cave there is a riddle you must solve to open the stone door!

Riddle:  The spot at which both sides are equal, supply and demand can be so fickle. The middle of the X where you'd see me, so try to guess who I might be. 

Give your teacher your answer, She will let you know if it is correct. If it is not, watch the video again and submit your answer to her again until you are correct.

If you guessed the correct answer congratulations! The stone door rolls away and you see a deep dark tunnel. You light a torch and walk inside. After walking for an hour you see the diamond in the eye of a statue. To successfully remove the diamond, visit this website. https://www.abcmouse.com/html5/games/second_grade/birthday_shopping?cid=25190

Process

After you have retrieved the diamond,  you and your partner will inform your parents that you need to run a lemonade sale over the weekend. Ask them to take you both to the store and pay for the supply's.

Supplies you will need: Cups, Table, chairs, money to make change, lemons, sugar, water, pitcher, spoon, and signs that advertise your lemonade. 

Decide on a park to have it at and make your signs. On Saturday morning, Make one gallon of lemonade and go to the park with an adult with your supplies. Sell the lemonade for more money than it took to make the lemonade. Track the time it took you to sell out. Record how much you charged, how many cups you sold and the times you started and stopped selling. After you are done selling, pay your parents back for the supply's they bought for you. Record ho much you have left over. 

How much did the supply's cost?  How much profit did you make?How much did you sell it for on Saturday? How much you would sell the lemonade for in the future? why? Do you think the park was a good choice for selling your lemonade? Why? Where would you sell next time? why? Good Luck!

Evaluation

Students will be graded on their participation and their choice of pricing and location for the future sale of lemonade.

Conclusion

After you complete the lemonade stand task, you will understand what supply and demand is. You will be able to identify key words such as: Consumers, producers, Supply, Demand, Market, Shortage, Surplus, Equilibrium, Substitute. You will have a better understanding of how all things are priced to promote maximum profits based and how supply and demand effect these profits. You will know that producers and consumers determine the prices of goods and services in markets through their choices. Buyers weigh the costs and benefits of purchases based on their available resources and income, and they make choices about consumption based on these factors. Producers make decisions based on consumer choices and adjust what, how and where they make products. 
 

Credits

Thank you Jacob Clifford for your youtube video on Demand and Supply- EconMovies #4: Indiana Jones.

Teacher Page

Standards

3.E.MI.1 Explain how producers and consumers interact to determine the prices of goods and services in markets.

Target Students

3rd Grade

Topic 

Social Studies