2. What is Price? Price – is the amount of money given or asked for when goods and services are bought or sold.
3. Supply Supply – the amount of goods and services that producers will provide at various prices. Then sellers are willing to supply more of that good or service If consumers are willing to pay more for a good or service
4. Demand Demand – is the amount or quantity of goods and services that consumers are willing to buy at various prices. Consumers are willing to consume more of a good or service at a lower price
5. Equilibrium Price Equilibrium Point/Price – is the point at which the quantity demanded and the quantity supplied meet.
6. The Lemonade Stand Ms. Mahoney’s final profit = $107.45! How well can you balance supply and demand? http://www.primarygames.com/socstudies/lemonade/start.htm
