Why Toys Cost More at Christmas: Supply & Demand for Kids

End-of-lesson check

15 questions · take it digitally for instant feedback at tendril.neural-forge.io/learn/quiz/end-explorers-business-AI-explains-supply-and-demand

1. What happens to the price of something when many people want to buy it but there is only a little bit of it available?

   1. The price goes down
   2. Nothing happens to the price
   3. Everyone gets it for free
   4. The price goes up

2. Imagine everyone wants Pokémon cards for Christmas but the toy store only has a few boxes left. What will probably happen to the price?

   1. The price will go down
   2. The price will go up
   3. The store will give them away
   4. The price will stay the same

3. Why do snow shovels usually cost more right before a big snowstorm?

   1. The government decides the price
   2. More people want shovels and there aren't many for sale
   3. Snow makes shovels heavier
   4. Stores like snow

4. Why is a bottle of water cheap at a grocery store but expensive at a concert?

   1. At a concert, few sellers have water and many buyers want it
   2. Grocery stores are mean
   3. Grocery store water tastes better
   4. The water is different at concerts

5. You are the only kid selling slime at the school fair. What can you probably charge for your slime?

   1. You must charge less
   2. Exactly the same price you always charge
   3. A higher price than you would at other times
   4. You have to give it away

6. Why do concert tickets to a famous singer often cost a lot of money?

   1. Tickets are printed on fancy paper
   2. The singer needs money for lunch
   3. Many fans want tickets but there are only a few seats in the venue
   4. The venue is very small and cute

7. What does the word 'demand' mean in the phrase 'supply and demand'?

   1. How stores decide what to sell
   2. How many items are for sale
   3. How many people want to buy something
   4. How much something costs

8. What does the word 'supply' mean in the phrase 'supply and demand'?

   1. How much money people have
   2. How many items are available for sale
   3. How much people want something
   4. How popular something is

9. A brand new video game comes out and every kid in school wants it, but only a few stores have it in stock. What probably happens to the price?

   1. The game is free
   2. The price goes down
   3. The price goes up
   4. Nothing happens

10. A store has way too many umbrellas and almost no one is buying them on a sunny day. What should the store do to sell more umbrellas?

    1. Raise the price
    2. Throw them in the trash
    3. Lower the price
    4. Do nothing

11. What happens to the price when more kids want a toy but the toy store hasn't gotten more in stock?

    1. The price increases
    2. The price goes down
    3. The toy disappears
    4. The price stays exactly the same

12. On a very hot summer day, ice cream trucks often charge more for ice cream. Why does this happen?

    1. Ice cream costs more to make in summer
    2. Ice cream melts faster in summer
    3. The ice cream truck driver is greedy
    4. Hot weather makes more people want ice cream and there's only so much the truck can carry

13. If a popular toy is always available in huge quantities at every store, what probably happens to its price over time?

    1. It stays about the same or might even go down
    2. It keeps going up forever
    3. It doubles every week
    4. It becomes free

14. When a store has way too much of a product sitting on shelves, they often:

    1. Have a sale to lower the price
    2. Raise the price even higher
    3. Keep the price exactly the same
    4. Throw everything away for free

15. Why might a lemonade stand charge less for lemonade on a cold, rainy day?

    1. Fewer people want lemonade when it's cold and wet
    2. They have more lemons than usual
    3. Lemonade tastes better in the rain
    4. They're trying to get rid of cups