Bell Ringers

Bell Ringer: The Impact of Supply and Demand on Prices

The Impact of Supply and Demand on Prices

In response to the price gouging occurring during the outbreak of the coronavirus, Mercatus Center’s Veronique de Rugy talked about supply and demand, and the impact that scarcity has on the levels of prices.

Description

In response to the price gouging occurring during the outbreak of the coronavirus, Mercatus Center’s Veronique de Rugy talked about supply and demand, and the impact that scarcity has on the levels of prices.

Bell Ringer Assignment

  • In this situation, how does the increase in demand for products impact prices?
  • How can increases in prices affect consumer habits?
  • How can increases in prices affect what producers create? What are examples of this?
  • In situations like this, what happens to prices when supply increases?

Additional Resources

Participants

    Vocabulary

    • Consumer
    • Demand
    • Price
    • Price Gouging
    • Producer
    • Profit
    • Scarcity
    • Stockpile
    • Supply
    • Unmet Demand

    Topics

    Economics & Financial Literacy

    Grades

    High SchoolUniversity