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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 | 
