Peer Market Day
Within a think-time of two minutes, make the students decide on what their most favorite object inside their bag is. Once time is up, have them lay out their chosen objects on the table. Afterwards, distribute colorful index cards to each student and tell everyone that they are to set a price for the object on their table and write down this price on the cards you just distributed. Launch the Peer Market Day and tell them that for fifteen minutes. Students are to go around the room and look at the prices of the "products" of their classmates. After going around the room, ask these questions:
1. How many of you are selling the same product? What prices did you set for them?
2. (To those who have the same products) Now that you found out you have competitors, would you change the price you initially set for your product? Why or why not?
3. (To those who have different products) Which product will you choose to buy among those who are selling the same stuff? Why?
4. (To those who have different products) Would you change the prices of your products, now that you found out you are the only ones selling those stuff? Why or why not?
Using the questions above, transition into a discussion on the concepts of supply and demand.