Supply and Demand - Learn How Goods and Services Work
From Miacademy Learning Channel · 2025
4 min1st2nd3rdSocial Studies
Summary
This quick economics lesson introduces goods (things you can buy) and services (helpful work people do), then explains supply and demand in kid-friendly terms: what happens when lots of people want something, but there is only a little of it to go around.
Viewer safety
All ages
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Teaching resources
Discussion questions
Discussion
Use these after watching to talk through the social studies idea in the video.
- What is the difference between a good and a service? Give an example of each.
- What do we mean by 'supply' and 'demand'?
- What might happen to a toy everyone wants if the store only has a few of them?
Quick work-a-long
Words to know: goods, services, supply, demand, scarce.
Try it: List two goods and two services. Then tell what might happen to the price of a toy that everyone wants but there are only a few of.