Your student should complete this activity with adult involvement at home or in your community.

Supply and Demand:

• Next time you are running low on a household item (toilet paper, toothpaste, cereal) use it as an opportunity to explain supply and demand.  If there is a greater demand for something, the supply needs to go up.  If there is no demand (maybe a cereal that no one likes) then they do not need a large supply.

Opportunity Cost:

• While driving with your student, look around and help them identify items that could be sold for cash.  Discuss what could be done with that cash, including saving.  Help students understand that by having that item, the owner is giving up something else.  For example, if you identify a boat, explain that if it was sold, maybe that family could use the money for a trip to Disneyland.  By owning the boat, they are giving up the trip to Disneyland.

Wants or Needs:

• Have student compose a list of possible gift items they would like to receive for a birthday or holiday.  Then have them label each item on the list as a want or a need.