Here are the answers for each scenario based on the principles of supply and demand.
1. Sunscreen in December
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Supply: High (Stores have plenty left over from summer).
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Demand: Low (It is winter, so people don't need sunscreen).
2. The Newest Book
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Supply: Low (The store only received a few copies).
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Demand: High (It is very popular and everyone wants it).
3. Popular Holiday Toy
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Supply: Low (There aren't enough toys for all the kids who want them).
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Demand: High (Many kids want the toy).
4. "Extreme Racing 4" Video Game
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Supply: High (The store is trying to get rid of the old version to make room for the new one).
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Demand: Low (Most gamers want the newest version, "Extreme Racing 5").
5. Last Year's Shoes
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Supply: High (The store has extra inventory they need to clear out).
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Demand: Low (They are last year's style, so fewer people want them).
6. Valentine's Day Cards in February
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Supply: Low (The store is running out of cards).
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Demand: High (Everyone is buying cards for Valentine's Day right now).
7. Turkey during Thanksgiving
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Supply: Low (Turkeys sell out quickly because everyone buys them at the same time).
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Demand: High (It is the main food for the holiday, so everyone wants one).
8. Older iPhone Version
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Supply: High (People are trading in their old phones or selling them because they bought the new one).
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Demand: Low (Most people prefer to buy the newest model with better features).
Final Answer:
Sunscreen: Supply is High, Demand is Low.
Newest Book: Supply is Low, Demand is High.
Popular Toy: Supply is Low, Demand is High.
Old Video Game: Supply is High, Demand is Low.
Last Year's Shoes: Supply is High, Demand is Low.
Valentine's Cards: Supply is Low, Demand is High.
Turkey: Supply is Low, Demand is High.
Older iPhone: Supply is High, Demand is Low.
Parent Tip: Review the logic above to help your child master the concept of economics supply and demand worksheet.
