|Objective||To teach kids about supply and demand.|
Learn about supply and demand by holding a household auction. (You may want to invite a few of your friends over or make this a 2-3 family event as this will work better with more people)
Steps for Parents:
1. Download the "Household Auction Sheet" from the attachments area below.
2. Get some poker chips or tokens that are different colors.
3. Assign a value to each chip and put the same number of chips into separate plastic bag. You will need to have one bag per person bidding.
4. Create several desirable items that could be auctioned off. For example, a one day no chores pass, several cookies, a bag of pop corn, small toys, a ball, a skipping rope, a choose your favorite meal coupon etc.
5. Set up the items and let the participants take a look at all of the things up for auction.
6. Players bid by raising their hand when the auctioneer says a price. Keep raising the price as long as people keep bidding. Who ever bids the highest gets the item.
7. Once the auction is over discuss how having many cookies made the price drop and how having only one no chores pass made the price increase. Ask the highest bidder how he/she feels about paying more money than other people. Ask the players if there is anything that they would change about their strategy next time.
Mark this activity as complete when you have organized and run one household auction.
Track your progress and earn badges!
This activity is included in the following:
Household Auction Worksheet|
|Age Range||10 11 12 13 14 15 16 17 18|
|Tags||Logical-Mathematical Intelligence Supply and Demand Money|
These are some activities for teaching supply and demand in the classroom. They can be modified for home use like the above Household Auction.