1004. Supply & Demand Activity

The “Supply, Demand, and Price” activity is designed to help the student to become familiar with business economics. Students will determine whether or not changes in supply and/or demand will cause prices to Rise or Fall.

RESOURCE INFORMATION

TIME

The estimated time to complete the assignment is 15 minutes.

PRODUCT CONTENT

• Instructions
• 1 Handout
• Grading Key

MARKETING STANDARDS

TEKS

§130.384. Entrepreneurship

(10) The student understands the importance of product management and how it meets the needs of the customer. The student is expected to:

• (B) describe supply chain management; and

(23) The student knows that marketing research is a specific inquiry to solve a problem. The student is expected to:

• (C) explain how to use the marketing research process in order to identify industry trends and potential markets, analyze demand, forecast sales, and make other decisions; and

§130.386. Sports and Entertainment Marketing

(7) The student knows pricing strategies. The student is expected to:

• (A) compare and contrast pricing strategies; and
• (B) analyze the price of sports and entertainment marketing products.

(12) The student identifies the nature and scope of sports and entertainment marketing. The student is expected to:

• (C) list major environmental influences on sports and entertainment demand

§130.383. Fashion Marketing

(7) The student knows concepts and strategies used in determining and adjusting prices to maximize return and meet customers' perceptions of value. The student is expected to:

• (A) employ pricing strategies to determine prices;
• (C) analyze the price of a fashion product.

(12) The student knows the nature and scope of fashion. The student is expected to:

• (D) list major environmental influences on fashion demand;

§130.387. Practicum in Marketing

(12) The student knows that marketing begins with a working knowledge of economic concepts. The student is expected to:

• (A) discuss characteristics of economic goods and services;
• (B) identify economic needs and wants;
• (D) describe the function of prices in markets; and
• (E) clarify how the interaction of supply and demand affects price.