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Supply and Demand

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Danice Ferguson

on 24 September 2013

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Transcript of Supply and Demand

Supply and Demand, Lessons from Toy Fads
Hula Hoop Craze
1958, Wham-O, Inc. began marketing the Hula Hoop in the US
25 Million sold in first months
100 Million sold within the year
Silly Bandz
2008, Brainchild Products experiences a large increase in demand for their product
They have not yet raised the price of the product, instead they respond by largely increasing their production.
Supply and Demand
is the quantity of goods and services
a business
is willing to sell at a specific price and a specific time.

is the quantity of goods and services
are willing to buy at a specific price and a specific time.
Supply and Demand Concept
In a
market economy
, the price of a particular good (product) or service is determined by supply and demand. Suppliers decide what quantity of a good or service they are willing to sell at a particular price. Consumers decide how much they are willing to pay for a given good or service.
The Hudsucker Proxy (1994)
Pair and Share
Why does a business owner lower the price of products that are not selling quickly?
When would a business owner have the incentive to raise prices?
What does a higher price than before for a good or service say to consumers about the demand for that product?
ABC News on Silly Bandz Fad
Pair and Share
What information is being communicated to the business owner by the $5 price of Silly Bandz?
What can the business owner do to ensure that the Silly Bandz are allocated to the consumers, which value them the most?
USA Today on Silly Bandz Craze
Full transcript