gcse economics - demand and supply - price equilibrium
Price equilibrium is found where supply and demand are equal. This is the point where both sellers and buyers are happy with the price and quantity.
Farm themed group excel activity which demonstrates the interaction between supply of a product and price. Easily modified for KS4 or 6th form. Seems to work well!
Uses the product of Cadbury Dairy Milk (close to many people's hearts!) to get students to draw supply and demand curves. Also requires them to shift lines and considers the idea of a market not being in equilibrium. Also includes 2 short homework questions on a similar theme.
Market prices depend on levels of supply and demand. These levels rise and fall according to a number of factors, and can have a big impact on the success of a business.
The Frozen Price Game
Students are told that a hurricane has caused a major power outage, increasing the demand and decreasing the supply of ice. They then use two different methods to allocate ice: first-come, first-served and price. This game is a good way to demonstrate the advantages of price allocation. Click here to download rules and materials. Also see the Debate Topics page for a new debate over whether gasoline price-gougers should be punished.
Tokyo (CNN) -- Japan added to global growth jitters on Friday by posting unexpectedly weak industrial production numbers for July and a muted outlook for August and September. Economists had been expecting a 1.7% increase in output from the manufacturing sector from June, boosted by the effects of reconstruction spending in the tsunami-hit Tohoku area.