Supply and Demand Activity - The Pearl Exchange (1)

Supply and Demand Activity - The Pearl Exchange (1) - Name...

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Name: ___________________________________ Date: _______________ Period: ____ Supply and Demand ~ The Pearl Exchange Pearls from the island of Bali are valued all over the world. Buyers and sellers meet weekly at the pearl exchange here in room 1-311. During the 5 minute long trading session, half the class will be buyers the other half will be sellers. Your goal is to make as much surplus (profit) by negotiating a favorable price. The buyer must try to buy pearls as cheaply as they can; if they pay less than their maximum price then they get a consumer surplus. Sellers must try to sell their product for as much as they can, if they sell above the minimum price they get a seller’s surplus. There will be four trading sessions and you can only sell/buy once per session. When you make a deal shake hands and go tell Mrs. Piccolo your selling price to record on the front board. Then record the information for selling/ buying on your worksheet at your desk. Don’t tell people what your max or minimum price was until after we talk about the round. If you don’t make a sale, or buy a product that
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