Producers and Consumers
Start
I can..
What will you learn in this lesson? - Identify examples of goods and services - Describe the relationship between supply and demand - Explain the role of consumers in a free market
How Money Is Spent
Examples:
Economics
~ The study of how a society produces, distributes, and consumes resources.
In other words: how money moves among different people and organizations.
Examples:
- You making decisions as you budget your money
- Companies make decisions about who to hire, how much to pay, & what they want to charge
- Government chooses how to spend money on things like safe bridges, clean water, etc.
Producer vs. Consumer
~ A person or company that makes, grows, or supplies goods or services
~ A person who purchases the goods and services
Examples:
Examples:
- Plumber fixing a leaky pipe
- Restaurants providing food to customers
- Can you think of any other examples?
- YOU any time you buy an item or pay for a service
- What products are you purchasing?
Supply vs. Demand
Click on the picture to play the video.
Supply vs. Demand
Price decrease = Demand increase Price increase = Demand decrease
Price decrease = Supply decrease Price increase = Supply increase
From the Producer's POV
From the Consumer's POV
Example in the Real World
Planning the business
You are staring a business making and selling fruit bars.
You must plan carefully to make sure you cover your costs and make money (profit).
Consider your total cost involved to set the price per box and compare it with the demand of the product.
Profit
~ the amount of your income you have left over after you pay off your expenses
How does Supply & Demand affect Profit?
- a price that is too low results in not having enough fruit bars to keep up with demand
- a price that is too high results in not being able to sell the whole supply
Answer questions in EDIO then submit your lesson
Copy - 10.1.2 Producers and Consumers
HS: High School
Created on March 25, 2026
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Transcript
Producers and Consumers
Start
I can..
What will you learn in this lesson? - Identify examples of goods and services - Describe the relationship between supply and demand - Explain the role of consumers in a free market
How Money Is Spent
Examples:
Economics
~ The study of how a society produces, distributes, and consumes resources.
In other words: how money moves among different people and organizations.
Examples:
Producer vs. Consumer
~ A person or company that makes, grows, or supplies goods or services
~ A person who purchases the goods and services
Examples:
Examples:
Supply vs. Demand
Click on the picture to play the video.
Supply vs. Demand
Price decrease = Demand increase Price increase = Demand decrease
Price decrease = Supply decrease Price increase = Supply increase
From the Producer's POV
From the Consumer's POV
Example in the Real World
Planning the business
You are staring a business making and selling fruit bars.
You must plan carefully to make sure you cover your costs and make money (profit).
Consider your total cost involved to set the price per box and compare it with the demand of the product.
Profit
~ the amount of your income you have left over after you pay off your expenses
How does Supply & Demand affect Profit?
Answer questions in EDIO then submit your lesson