Economics

Task of Understanding Supply and Demand

• Your task for this WebQuest is to learn the information on supply and demand, equilibrium price, surplus, and shortage that is on this website.
• Your task for this WebQuest is to be able to draw the economic curves to depict supply and demand, equilibrium price, surplus, and shortage, and understand the reasoning behind them.
• Define supply and demand.
• Draw a supply and demand curve and label the parts. 
• Demonstrate the relationship that prices play in supply and demand for different goods and services.
• Define surplus, shortage, and equilibrium.
• Graph surplus and shortage situations.
• Label the parts of the supply and demand curve which identify shortage, surplus, and equilibrium.
• We will be using the case study of Hula Hoops and watching “The hula hoop sequence from The Hudson Proxy” on YouTube. In 1994, the film The Hudson Proxy portrays a fictionalized account of the demand for Hula Hoops as they were introduced into the market. The Hudson Proxy portrays what an entrepreneur is and how the supply and demand for Hula Hoops (TOY FADS) interacted with prices. You should be able to apply the concepts of supply and demand, equilibrium price, surplus, and shortage to this film.
• Your task for this WebQuest is to understanding supply and demand, equilibrium price, surplus, and shortage, and be able to apply it to the video The Hudson Proxy.
• Your task for this WebQuest also will be to understand the terminology below.