Supply meets Demand at Equilibrium with a Price: Uncovering Supply and Demand

Step 1. Each group member must read and understand the laws of Supply and Demand. You must also understand the concepts of self-regulation, equilibrium, surplus, and shortage by utilizing the resources on the process page.

Step 2. As a group, you will design a product that you would like to produce and sell to your peers. You can either choose to design and compete with a product that’s already in the market, or design a product that hasn’t been yet invented. Ensure that there is an actual demand of the product you would like to design by conducting surveys.

Step 3. Use the Internet to research and conduct surveys to determine the demand of your product. Use the data from your research and surveys along with what you have learned about supply, demand, wants, and needs on this WebQuest to determine the price of your product.

Step 4. Market your product by presenting it to the class, and persuading your targeted consumer, your peers, why they should purchase your product. Make sure that everyone in your group is involved in the presentation.

Step 5. Sell your product to your peers. Remember that each student is given a limited amount of money to spend on what they can purchase. Therefore, utilize the concept of wants and needs, along with supply and demand, to generate the most revenue and profit.

Step 6. Write a self evaluation by answering the following questions: What worked and what didn't? What would you do differently next time when you work with a group? How would you rate your own performance? What are four things you have learned about Supply and Demand? What do you think would happen if Apple (manufacturer of Apple products, for example, iPhone, iTouch, and iPad) was to drop their iPad price to $300 tomorrow? What do you think would cause Apple to change the price of their iPad?