Markets and Demand Supply

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📊 Part 1: Market Analysis

1. Think of a familiar market (e.g., local shops, online stores, farmers' market). Identify the buyers, sellers, and what is being exchanged. Then pose one useful question about how this market operates.

2. Apply the three economic questions (What to produce? How to produce? For whom to produce?) to explain how a business allocates resources in the market. Use a school canteen as your example and distinguish between demand and supply.

💰 Part 2: Price and Quantity Analysis

3. Study this price-and-quantity table for meat pies at the school canteen:

Price per pie: $3.00 → Quantity sold: 150 pies per week

Price per pie: $4.50 → Quantity sold: 85 pies per week

Write a one-sentence claim about how the price change affects consumers or the canteen business. Include one specific number from the table and mention one trade-off.

4. Challenge Question (Optional): Predict what would happen to both demand and supply if the canteen raised the price of hot chips from $2.50 to $4.00. Explain your reasoning in a short paragraph, considering the perspectives of both students and the canteen.

Markets and Demand Supply

Markets and Demand Supply

📊 Part 1: Market Analysis

💰 Part 2: Price and Quantity Analysis

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