Economics
- We have been learning about economics for a few weeks. Now is your chance to tell us everything you know about economics! Tell each other what you know about goods, services, opportunity cost, supply and demand, etc. Talk about how your classroom checkbook and finance lessons have helped you gain more perspective to economic issues. Will you be a saver or spender when you grow up?
OK, so economics mostly has to do with money. Supply and demand is when you have a certain amount of something(supply) and an amount of people that want that certain thing(demand). Here’s two examples : you know how the price of raspberries go up in winter time? That’s supply and demand! The supply is lower and there is always a lot of people who want raspberries(aka me), so the price goes up. If there is a large supply of iPod 5’s , but some iPad company releases the new iPad 8 (I know. This isn’t supposed to be realistic), the demand for the iPod 5 will go down tremendously. So, as a solution, the price of the iPod 5 will also go down a lot so people will buy it. Pretty crazy isn’t it? In ELA class, we are doing a classroom checkbook. We pay bills, buy groceries, get paychecks and stuff like that. The point of it is to help us understand how economics pops up in our everyday life. I think i’ll be a saver, because I know things are really expensive and I would want to be careful not to spend too much on things I don’t need.