Information: Products and services usually follow a very predictable pattern of change over time, but every once in awhile a major shift happens. This could be because of global conflicts (like war in gas-rich areas) or false rumors (think toilet paper). Regardless of the reason, these abnormal shifts and they can really mess up traditional economic reporting.
Directions: So far the idea of supply and demand shifts have been discussed in small terms, such as a grocery store having more bananas one week or a sale on a certain product. What happens, though, when a HUGE change happens to the supply or demand of a product? For example, every year there is usually an "it" toy for the holiday season, what type of dramatic (but temporary) shift in supply and demand do we see for that product? That is what you're going to research.
For this project, you will need to come up with a specific example of a product or service that experienced a dramatic shift. You may need to talk to a grown-up or brainstorm with a classmate to think of something to research. I already gave the example of an "it" Holiday toy, so you could research a specific one from a specific year. Another general example would be gas prices. You'd want to find a time where there was a huge shift, not just the daily up and down of gas prices. Once you've come up with this topic, you will research it online and find out the following requirements for your project.
Project Requirements:
A specific supply and demand topic
Explanation of what led to the shift
How the change in price, supply, or demand affected the other two things
How long the abnormal shift lasted/What caused it to return to a normal?
Project Types:
Students can present their information in a variety of ways including an essay, PowerPoint-style presentation, poster board, video presentation, etc. Remember that this assignment is worth 100 points, so expect more than just answering the questions above on bullet points. If you were to write an essay, I would expect 5-7 full paragraphs, use that as you determining factor for whatever project type you are using.