Supply and Demand: The Force Behind a Cup of Coffee

Published August 5, 2022 4,084 Views

Supply and demand are the two forces that decide what we produce, buy and consume. Supply refers to the number of things that sellers make at a certain price. Demand refers to how many goods and services consumers buy at a certain price. And if you go out and get a cup of coffee for $3, it's because the two forces met at this price following a phenomenon known as emergent order.

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This video was made with the support of our Patrons: Andrea Basilio Rava, Angela, Ann Hufstader, ArkiTechy, Artur, Badrah, Brilliant Minds Learning, C, Cedric.Wang, Daniel Kramer, Denis Kraus, Digital INnov8ors, Dr. Matthias Müller-Mellin, Duane Bemister, Esther Chiang, Eva Marie Koblin, Floris Devreese, Frari63, Gatsby Dkdc, Ginger, ICH KANN DEUTSCH UND ES WAR EINFACH!, Isabelle, Jana Heinze, Jannes Kroon, Jeffrey Cassianna, Joanne Doyle, Johan Klassen, John Burghardt, Jonathan Schwarz, Jorge Luis Mejia Velazquez, Juliet Hutchings, L Efre, Leonel, Liskaya, Marcel, Marco VanGuff, María, Marq Short, Mathis Nu, Matthias Ruck, Mezes.Macko, Mique XO, Mindozone, Muhammad Humayun, Nicki, Okan Elibol, Paul Hopkins, Peter Bishop, Petra, Raymond Fujioka, Robert Cook, scripz, Sebastian Huaytan Meder, Si, Stefan Gros, Stephen, Stephen Clark, Stuart Bishop, Susan Schuster, Tetiana Gerasymova, Tristan Scifo, Victor Paweletz, Wolfgang Vullhorst, Yohanan Schwartzman, Yvonne Clapham and all the others.Thank you! To join them visit www.patreon.com/sprouts

COLLABORATORS
Script: Jonas Koblin and Jonas Jaquet
Artist: Pascal Gaggelli
Voice: Mithrilda
Coloring: Nalin
Editing: Oran Charoenlap
Sound Design: Miguel Ojeda
Creative Director: Selina Bador
Production Assistant: Bianka
Proofreading: Susan

SOUNDTRACKS
Tarantella - Adieu Adieu

DIG DEEPER with these top videos, games and resources:
Read more about the topic and find lots of additional resources
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Watch the movie American Factory. The documentary takes a thoughtful – and troubling – look at the dynamic between workers and employers in the 21st-century globalized economy.
Watch this documentary on YouTube to understand how every day, millions of sailors, truck drivers, longshoremen, warehouse workers and delivery drivers keep mountains of goods moving into stores and homes to supply what consumers demand.
Richard McKenzie, the author of Why Popcorn Costs So Much at the Movies, talks with EconTalk host Russ Roberts about a wide range of pricing puzzles.

SOURCES
https://en.wikipedia.org/wiki/Supply_and_demand
https://www.econlib.org/library/Topics/College/supplyanddemand.html
https://www.investopedia.com/terms/l/law-of-supply-demand.asp

CLASSROOM EXERCISE
Ask your students to search for a Coffee Price Chart and you’ll find a graph showing the price of coffee in US Dollars. Then ask them to find out:
What’s the price of one kilogram of coffee today?
What do they think are the reasons that have caused the price to fluctuate in the past 5 years?

In addition you may challenge them to search for three coffee shops in the neighborhood that charge their customers different prices. Which one sells their coffee expensive and which one cheap? Was that price really set by the owner of the shop, or is it the result of constant changes in supply and demand — and the final price the phenomenon of an emergent order?

CHAPTER
00:00 Introduction
00:28 The force of coffee price
01:03 Understanding supply and demand
02:58 Influenced factor
04:11 Emergent order
04:33 Quantity demanded vs demand
05:28 Assignment
05:51 Patron's credits
06:00 Ending

#supplydemand #economics #sproutslearning

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