A price settles where the number wanted meets the number offered.
Demand is how many people want a thing at a price. Supply is how many are made at that price.
A higher price makes fewer people want one, and more scarves get made.
A shortage is more wanted than made. A surplus is more made than wanted. Where the two numbers match is the market price.
Nobody decides it. Juno raises her tag when buyers queue and lowers it when scarves pile up.
These are some of the questions on the sets. The printable sheets have more and an answer key.
A surplus. More are made than wanted.
8. 10 − 2 = 8.
8. 4 + 4 = 8.
Ask a grown-up about a price they saw change at a shop or a fair, and what they think pushed it.
Real markets have many goods and many sellers, but the push and pull are the same. Look together at a price that changed at a shop or a fair and ask what might have pushed it.
