Ted and I have had a good time watching a lesson in supply and demand economics unfold in our family. Lacy bought a box of sugar cubes at the store with her own money. She has almost spent all of her spending money for the trip so she wanted to figure out how to make more. She began selling sugar cubes to her sugar-loving brothers for a quarter each (they had to put the money in her tin can because she liked the sound of the money in the can). After a while they started complaining that she paid $1.50 for the box and she has made so much money off them. Connor announced that next time we go to the store, he will buy a box and charge a dime; thus, putting her out of business. Once we broke the news that there will be no more purchases of sugar, we were able to give them a great lesson in economics!
Wednesday, March 5, 2008
Tin Can Economics
Ted and I have had a good time watching a lesson in supply and demand economics unfold in our family. Lacy bought a box of sugar cubes at the store with her own money. She has almost spent all of her spending money for the trip so she wanted to figure out how to make more. She began selling sugar cubes to her sugar-loving brothers for a quarter each (they had to put the money in her tin can because she liked the sound of the money in the can). After a while they started complaining that she paid $1.50 for the box and she has made so much money off them. Connor announced that next time we go to the store, he will buy a box and charge a dime; thus, putting her out of business. Once we broke the news that there will be no more purchases of sugar, we were able to give them a great lesson in economics!
