Supply and Demand

L.I: What is Supply and Demand

This week we learnt what supply and demand is. We played a business game in groups of 3 to understand more about supply, demand, price, income and stock. To play the game, we are given a product and that product is what we are selling. My group got pies. 

We started with a balance of 50 dollars and decided how many pies we were going to make to start the business. 1 pie cost 4 dollars to make. Once we made the pies we had to do the maths and find out how many dollars it cost in total to make all the pies. 

We had to figure out which price we wanted to sell the pies from 2, 5 or 10 dollars. If we chose 2 dollars we had to role a 20 sided dice to see how many people would buy the product. A 5 would be a 12 sided dice and a 10 would be a 6 sided dice. Then we added up the money. Example: We sold 10 pies for 2 dollars and 11 people bought it. 2x11 is 22. 22 plus the current amount of money is our balance. This continued for two rounds.