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Storyboard Text
- There are only 5 more cereal boxes left in the store!! AND the price is raised 5 dollars more than it was a month ago!
- The cereal is in scarcity, short supply. That's why they raised the prices
- If the supply is short, then the prices are more likely to go up. That is because there is a lot of demand for cereal, so the prices will increase.
- What has scarcity have to do with high price?
- So, producers have to work accordingly? Does scarcity of cereal also affect the producers of the cereal?
- Yes.Scarcity affects what will be produced within cereal. Scarcity usually affects which goods and services will be provided and how much. They have to think about all of this while producing in accordance to the supply of the cereal and the demand. Then they will figure out how much to produce for supply.
- So if scarcity affects what producers will do and produce, then does scarcity affect us consumers, and what we purchase?
- Of course. Scarcity can affect what a consumer will purchase. There are limited supplies. First of all, scarcity affects us because we have wants and needs on our purchases. You may want or need something, but it may not be available in the next few days since there is a short supply.
- Second of all, scarcity affects what a consumer will purchase, because demand can increase price. You might not want cereal today, because as you said earlier, the price is increasing for cereal. Scarcity can affect what you will purchase based on price
- Wow. I didn't know that scarcity could affect factors like that in the economy. But I guess I'm going to buy oatmeal
- Ok, nice talking to you! Bye!
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