The Marketville Chronicles

Worksheet Description

This worksheet whisks students away to the fictional town of Marketville to teach them about economic principles through storytelling. It introduces a scenario where the supply and demand of toys and lemonade affect their prices, likening the concept to a dance where both must be in sync for the market to balance. The story uses relatable examples, such as the desire for a shiny red ball and the availability of wooden blocks, to illustrate how interest and scarcity interact. It then challenges students to think about these principles in the context of real-life situations in Marketville, such as crop yields and villagers’ needs.

“The Marketville Chronicles” aims to instill a fundamental understanding of supply and demand through a narrative that simplifies these concepts into everyday terms. By equating supply and demand to a dance, it conveys the idea that both need to work together harmoniously to maintain market equilibrium. Students learn that when an item is scarce but highly desired, its value increases, and conversely, when an item is plentiful but in lower demand, its value decreases. The worksheet encourages students to apply this logic to broader scenarios, fostering a practical understanding of how markets operate in their own lives and the wider world.