Social Studies Economics - Bayport-Blue Point School District

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that are sometimes elastic and sometimes inelastic. (For
example, your demand for cough medicine will be inelastic
when you have, a bad chest cold, but elastic when you are
feeling well and no longer need the medicine.)
9. Identify two products or services you use that have
increased or decreased in suppj recently. How did the
change in supply affect the price? (Examples: In early
1986 the supply of gasoline rose and the price dropped.
During the summer the supplies of fresh fruit and vegetables
rose and the prices dropped.) Try to learn what caused the
supplies to change.
10. Consider the fact that in the future you will be trying to
t8j•j•H your services in the labor market or you will be
offering goods for sale if you open your own business.
What things might affect the supply, demand, and prices
of these services or goods? Is the demand for your service
or product elastic or inelastic? Why? Is the supply
elastic or inelastic?
11. Draw a flow chart showing how money, goods, and services
re exchanged in your area. Include yourself and/or your
family in the model. Show how you (or members of your
* ousehold) sell goods or services to others; how you pur
chase goods and services from others; how you receive pay—
ments, etc.
12. Draw supply and demand curves for any good or service that
interests you. Show how increases and decreases in supply
and demand change the prices and quantities sold. How do
thesechanges affec;.you as a consumer?