Social Studies Economics - Bayport-Blue Point School District

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as motels, automobile service stations, farms, candy
stores, and bake shops. Write a brief report on your
findings and be prepared to give a short oral report in
class.
23. As a , consumer you are affected by supply, demand and
price. Select an expensive item that you hope to buy in
the near future, such as a car, a VCR, a motorcycle, or a
stereo record and tape player. Learn as much as you can
about the market for that product. What are the prices
being charged at the moment? Is there a large supply on
hand, or is the item scarce? What might cause prices to
change? (For example, an increase in demand can be
expected during the months of November and December because
of Christmas buying. Motorcycles might be in greater demand
during the spring and summer months than during the winter.)
Is there much competition among sellers of the item? How
can you use the information you have gathered to get the
item at a reasonable price?
24. Consider four types of markets in our economy: (l)goods for
consumers; (2)services for consumers; (3)goods for
producers; and (4)services for producers. (Numbers 3 and
4 are parts of the factor market —— the market in which
I
producers hire employees, buy raw materials, purchase
machines, tools, buildings, and other capital items, and
obtain funds to run their enterprises.) Identify the
various markets in your area and decide how to categorize
each one. Examples: A supermarket sells goods to consum—