Today I had students explore supply and demand by playing musical chairs.
First round: Students play musical chairs with excessive amounts of chairs. Funny enough, after awhile students (consumers) lose interest, and no longer demand what I (the producer) supplied, that of course being the chairs.
Second Round: Normal musical chairs. Although we did include a round in which we had a bunch of consumers and very few of the product (the chairs). Surprisingly chaos ensued.
We compared it to Iphone sales, Black Friday, and Pokemon Cards.
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