1/19/23

​Learning Outcomes:

• Understand how sell price is influenced by supply and demand of a product
  
• Experience what a shortage does to sell price of a product
  
• Experience what inflation is, and how it affects the price of a product
  

Task:

There will be a total of 4 rounds in which the whole class will be split into buyers and sellers. The goal of the buyers is to buy as many lego pieces as possible, while the goal of the sellers is to acquire as much money as possible. Sellers can change the sell price of their product at any time. By the end of the activity whoever ends up with either the most money possible, or the most lego pieces possible wins. 

Round 1: The round ends when every lego piece is sold. 

• Buyers: Each person starts with the same amount of money to spend on Lego Pieces.
• Sellers: Each person starts with 10 lego pieces to sell. Sellers determine their initial selling price without speaking to anyone.

Round 2: The round ends when every lego piece is sold

• Buyers: Sellers from the previous round now are buyers. Each new buyer starts with the amount of money they made in round 1. 
• Sellers: Buyers from the previous round are now sellers. Sellers start with the amount of lego pieces they bought in round 1.

Round 3: Take half of every seller's lego pieces. 

• Buyers: Sellers from the previous round now are buyers. Each new buyer starts with the amount of money they made in round 1. 
• Sellers: Buyers from the previous round are now sellers. Sellers start with the amount of lego pieces they bought in round 1.

Round 4: Every buyer receives $200 extra to spend. 

• Buyers: Sellers from the previous round now are buyers. Each new buyer starts with the amount of money they made in round 1. 
• Sellers: Buyers from the previous round are now sellers. Sellers start with the amount of lego pieces they bought in round 1.

HW:

Ego My Lego Activity (Due Monday start of class)