Tuesday, June 9, 2015

Teaching Supply and Demand With Toys

Think back to your childhood and there is bound to be a toy that you just "had to have." That toy was probably in one of the new toy fads that hit the marketplace every year.  If you got that toy during the height of its popularity it surely cost more than it did a few months later. EconEd Link has a lesson plan devoted to this pattern.

Supply and Demand, Lessons from Toy Fads is a lesson plan designed to help middle school students understand the concepts of supply and demand. The lesson plan is based on two case studies. One case study focuses on Hula Hoops while the other focuses on the more recent Silly Bandz fad. Through both studies students will learn about shortages, surplus, and price equilibrium.

Applications for Education
Rather than relying on the somewhat dated Silly Bandz fad and the definitely dated Hula Hoop examples, modify the lesson plan for toys and other objects currently desired by the students in your classroom.