View
217
Download
1
Category
Tags:
Preview:
Citation preview
MARKETS
KCCT
COACH BOOK
CHAPTER 1
0
PLEASE SELECT A TEAM.
Pretty purp
le ...
Rocksta
r M&M
s
Golden co
bras
Globe Tro
tters
Awesome A
s
Toxic W
asters
17% 17% 17%17%17%17%
Response GridResponse Grid
1. Pretty purple princesses2. Rockstar M&Ms3. Golden cobras4. Globe Trotters5. Awesome As6. Toxic Wasters
WHAT IS A MARKET?
a MARKET exists whenever there are buyers and sellers exchanging goods and services
Markets can be physical—an actual place that people go to buy things
markets can be more digital—buying things over the telephone or on the internet
SUPPLY AND DEMANDin a market, prices are controlled
by SUPPLY AND DEMAND (when the supply of goods is limited, and the demand is high, the price goes UP. When the supply of goods is high and the demand goes down, the price goes DOWN.)
can you think of an example of supply and demand?
SUPPLY
The SUPPLY of goods is the amount of products available to be purchased
SUPPLY can also refer to the availability of the product to the seller also. ( the supplier may be able to deliver more of the product to the seller—it may not be available readily at the store, though)
DEMAND
The DEMAND for goods refers to how many people not only want the product, but can readily afford to buy it
Many people want a sports car, but very few people can afford one, so the DEMAND is LOW for sports cars
can you think of some good or service where the demand is low?
PRICE
The greater the demand for a product, the easier it is for a store to sell it
when there is a limited supply along with a high demand, there is a SHORTAGE
When there is a SHORTAGE, the price can go up
this is bad for the consumer
PRICE
the greater the supply of a product, the harder it is to sell, of there is more product than is demanded, there is a SURPLUS
When there is a SURPLUS, there is more than needed, so the price drops
this is good for the consumer
PRICE
when the supply and the demand balance, the price will stabilize
the seller will get a fair price for the product
the consumer will pay a fair price for the product
the law of supply and demand is essential to a free enterprise system
A MARKET EXISTS WHENEVER THERE ARE:
25%
25%
25%
25%
Response GridResponse Grid
1.sellers2.buyers3.buyers and sellers4.neither buyers nor
sellers
FOR WHICH ITEM IS THERE LIKELY TO BE THE GREATEST DEMAND?
25%
25%
25%
25%
Response GridResponse Grid
1. a broken fan2. chocolate bar3. replacement radio tube
#3AZ4. expensive stereo system
FASTEST RESPONDERS (IN SECONDS)
0 Participant 1
0 Participant 2
0 Participant 3
0 Participant 4
0 Participant 5
BOB MANUFACTURES WIDGETS. HIS OLD WIDGET (WIDGET 1.0) HAS JUST BEEN REPLACED BY A CHEAPER MODEL (WIDGET 2.0), WHICH IS NOW AVAILABLE IN STORES. HOW WILL THIS AFFECT THE PRICE OF WIDGET 1.0?
25%
25%
25%
25%
Response GridResponse Grid
1. it will increase2. it will decrease3. it will stay about the same4. it will both rise and fall
UNDER WHICH CIRCUMSTANCES WOULD THERE BE A SURPLUS?
25%
25%
25%
25%
Response GridResponse Grid
1. high demand, high supply2. high demand, low supply3. low demand, high supply4. low demand, low supply
RACING LEADER BOARD
EXCHANGING GOODS AND SERVICES
in the past, the primary way people bought and sold things was through BARTER
BARTER is the direct exchange of goods/services (without money)
can you think of an example of BARTERING?
EXCHANGING GOODS AND SERVICES
The problem with bartering, is that the goods/services being exchanged, didn’t always have equal values
Another problem is that one person may be offering a product/service for barter that the other person didn’t want
how would you solve this problem?
EXCHANGING GOODS AND SERVICESthese problems led to the
development of MONEYMONEY is used to trade for goods or
services for the agreed upon valueMONEY is more efficient than
BARTERING for other reasons too…can you imagine carrying enough chickens with you to buy everything you need?
BARTER IS A FORM OF:
25%
25%
25%
25%
Response GridResponse Grid
1. money2. goods3. services4. trade
TEAM MVP
Points Team Participant
0 Team Participant
0 Team Participant
0 Team Participant
0 Team Participant
0 Team Participant
0 Team Participant
0 Team Participant
0 Team Participant
0 Team Participant
0 Team Participant
THE STANDARD MONETARY UNIT IN THE UNITED STATES IS:
25%
25%
25%
25%
Response GridResponse Grid
1. dollar2. quarter3. 100 dollar bill4. penny
PARTICIPANT SCORES
0 Participant 1
0 Participant 2
0 Participant 3
0 Participant 4
0 Participant 5
WHICH OF THE FOLLOWING STATEMENTS IS TRUE?
25%
25%
25%
25%
Response GridResponse Grid
1. markets can be either physical or digital
2. only buyers are needed for a market to exist
3. only sellers are needed for a market to exist
4. it is a market only if buyers and sellers are exchanging services
SUPPLY AND DEMAND AFFECTS:
25%
25%
25%
25%
Response GridResponse Grid
1. size of markets2. types of services3. stock4. prices
TEAM SCORES
0 Team 1
0 Team 2
0 Team 3
0 Team 4
0 Team 5
THE PRETTY POLLY DOLL IS A NEW, VERY POPULAR DOLL. THERE ARE NOT ENOUGH DOLLS FOR THE PEOPLE THAT WANTS ONE. THIS IS CONSIDERED A…
25%
25%
25%
25%
Response GridResponse Grid
1. surplus2. shortage3. demand4. market
TEAM MVP
Points Team Participant
0 Team Participant
0 Team Participant
0 Team Participant
0 Team Participant
0 Team Participant
0 Team Participant
0 Team Participant
0 Team Participant
0 Team Participant
0 Team Participant
AT LUNCH TODAY, MARY TRADED HER PICKLE FOR LOUISE’S CUPCAKE. THIS IS AN EXAMPLE OF…
25%
25%
25%
25%
Response GridResponse Grid
1. supply2. demand3. barter4. sale
WHAT PERCENTAGE OF YOUR CURRENT POINTS WOULD YOU LIKE TO WAGER ON THE NEXT QUESTION?1.0%
2.25%
3.50%
4.75%
5.100%
Response GridResponse Grid
PRICES GO DOWN WHEN:
25%
25%
25%
25%
Response GridResponse Grid
1. supply is high and demand is low
2. supply is high and demand is high
3. supply is low and demand is high
4. supply is low and demand is low
RACING LEADER BOARD
Recommended