Remember: A price settles where the number wanted meets the number offered. A shortage pushes it up, and a surplus pushes it down.
Read and answer
Read the story first, then answer.
Juno's scarf stallAt Quill market, Juno sells hand-knitted scarves at a stall and wonders what price is fair for everyone. Two things settle a price. Demand is how many people want a scarf at a price. Supply is how many scarves knitters make at that price. At two coins, ten people wanted a scarf but only two were made, so eight people went home empty-handed. That is a shortage. At ten coins, ten scarves were made but only two people wanted one, so eight scarves sat unsold. That is a surplus. Juno wrote a table with each price, how many wanted one and how many were made. At six coins, six people wanted a scarf and six were made. Nobody was left out and no scarf was spare, and that is the market price. Then a cold snap hit Quill, and at every price four more people wanted a scarf. Six coins meant a shortage again: ten wanted one but only six were made. So the price rose, more knitters joined, and the two sides met at eight coins.
1
Look at the table. At which price do the same number of people want a scarf as scarves are made?
8 coins4 coins6 coins
2
Join each market to what it is.
14 coins: 8 want one, 4 are made
28 coins: 4 want one, 8 are made
36 coins: 6 want one, 6 are made
Aa shortage
Bthe market price
Ca surplus
3
Eight scarves sit unsold. What will Juno do with the price tag?
Lower itRaise itKeep it the same
4
Look at the graph. When the price goes up, what happens to the number of people who want a scarf?
More people want oneFewer people want oneThe same number want one
5
Which things can push a price up? Circle every one.
A long queue of buyersUnsold scarves piling upA cold snap that makes people want warm scarvesA surplus
After the cold snap
6
After the cold snap, 4 more people want a scarf at every price. At 6 coins, people want one.
7
At 6 coins, 10 people want a scarf and 6 are made. people go without.
8
Number what happens after the cold snap.
At six coins, ten want one but only six are made
Four more people want a scarf at every price
The two sides meet at eight coins
The price rises and more knitters join
9
Kit says: Juno sets the market price all by herself. Is Kit right?
YesNo
10
Write one question you would ask a grown-up about a price that changed at a shop or a fair.
11
Draw a scarf price tag going down, next to a pile of unsold scarves.
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