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A Lesson on the Supply and Demand of Toy Fads
Source: Council for Economic Education (EconEdLink) | Type: Lesson
The concepts of supply and demand and related terms are taught through stories about the toy fads of Hula Hoops and Silly Bandz. In 1958, Wham-O, Inc. began marketing the Hula Hoop in the United States and sales of the Hula Hoops sky-rocketed as over 25 million were sold in the first few months, within the year over 100 million. Similarly today, Silly Bandz has taken off in sales since the summer of 2008.
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This lesson was presented great and it helped me a lot thanks.
The law of supply and demand is one of those key economic terms that pose challenges to teach in today’s diversified classrooms. This lesson seems like a well thought out engaging lesson. It is hands on and very brain based. The interactive tutorial is informative and allowing students to manipulate supply and demand. Students will be attentive and relate to silly bandz and make the connection to hula hoops in the late 1950’s and 1960’s. The articles will connect the lesson to something students can relate to in an interesting manner.
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