LESSON: DAN’S PANTS

Lesson Summary

Dan sells a variety of fabrics to different fabric stores. His wife, Fran, begins to make pants for this very tall man to wear and show off the fabrics. People love seeing and feeling all the different fabrics, and Dan sells more and more.

Concept: Supply and Demand

Definition: Producers supply goods and services, and consumers demand them. Prices in a market are determined by the interaction of supply and demand.

Comprehension Questions

Identify the products sold by Dan.
Bolts of fabric.

Describe the actions of Dan and his wife that made the people more interested in his fabrics.
Dan won customers by going around town wearing the wild, funny pants his wife made out of the fabric he sold.

As the interests of the consumers changed, describe what happened to the demand.
The demand for the pants increased.

Explain how the increase in demand affected the amount supplied by Dan.
The amount Dan supplied increased.

Identify the different goods people produced from these highly demanded fabrics.
Quilts, kitty cushion covers, tablecloths, shirts, skirts, bibs, pants, maiden's gown.

Other Concepts: Human Resources, Capital Resources, Economic Wants, Goods and Services, Specialization, Producers, Consumers, Entrepreneur

  Supply and Demand   

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