Certainly!

Here are the answers for the missing word activity:

1. The demand for smartphones increased when they became more affordable, leading to higher
sales.

2. When the price of a product goes up, consumers may buy less of it.

3. In a market economy, buyers and sellers come together to exchange goods and services.

4. A consumer is someone who purchases goods or services for their personal use.

5. The Law of demand states that as the price of a product decreases, the quantity demanded
usually goes up.

6. In the stock market, investors buy and sell shares of companies.

7. The price of movie tickets can influence whether people choose to go to the cinema or stay
home.

8. A change in quantity can lead to a shortage or surplus of a product in the market.

9. As the price of pizza slices increased, fewer were sold at the school cafeteria.

10. Understanding consumer behavior is important for businesses to meet consumer needs
effectively.

Feel free to use these answers to review the activity with your ELL economics students and
discuss any questions or explanations they may have.

Certainly! Here are five demand scenarios (medium-level) along with explanations for how
changes in price would affect individual demand for a specific product:

Scenario 1: Coffee

Scenario: The price of a cup of coffee at your favorite café increases by 50%.

Prediction: Individual demand for coffee will decrease.

Explanation: When the price of coffee goes up, people are less likely to buy it because it's more
expensive. They might choose alternatives like making coffee at home or buying a less expensive
drink.

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Scenario 2: Smartphones

Scenario: A new smartphone is released with advanced features and a 20% higher price than the
previous model.

Prediction: Individual demand for the new smartphone will decrease initially but may increase
over time.

Explanation: The initial higher price may deter some buyers. However, demand may increase as
people learn about the new features and as the price may decrease with time due to promotions
or discounts.

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Scenario 3: Movie Tickets

Scenario: The local movie theater offers a limited-time discount, reducing ticket prices by 30%.

Prediction: Individual demand for movie tickets will increase.

Explanation: Lower prices make going to the movies more attractive, so more people are likely to
buy tickets. This demonstrates the law of demand: as price goes down, quantity demanded goes
up.

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Scenario 4: Bottled Water

Scenario: During a heatwave, the price of bottled water at convenience stores increases by 50%.

Prediction: Individual demand for bottled water will increase significantly.

Explanation: In times of high demand, like during a heatwave, people are willing to pay more for
a necessity like water. So, demand increases despite the price increase.

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Scenario 5: Sneakers

Scenario: A popular brand releases a limited-edition sneaker line, and the price is set at twice the
regular price.
Prediction: Individual demand for the limited-edition sneakers will increase among collectors and
enthusiasts.

Explanation: Limited editions are often valued by collectors and enthusiasts. The higher price may
make them more desirable to this specific group, leading to an increase in demand.

These scenarios and explanations demonstrate how changes in price can influence individual
demand for different products. It's important to note that individual demand can vary based on
factors like consumer preferences, income, and the perceived value of the product.