The Law that Rules is the article written by Steven Rosen and posted in "kansascity dot com" on March 27, 2005. Steven Rosen once a month offers basic economic concepts that can be easily explained to kids, so they can form their vision of how the real-adult world works. This time Rosen’s ninth installment (that is the way he calls his articles; altogether there will be twelve installments) explained the basic rule of economics: the rule of supply and demand.
To make this concept simpler to children the author suggests asking children questions about the things that they collect. For instance, ask why some particular toy is special and more valuable than another one. The answer would probably be that particular items are limited or have unique design. Then Rosen proposes to go further and question kids what their actions would be if their friends or neighbors had an identical toy. Would they desire to exchange it? For how much would they price it? If, on the other hand, only one friend had it, would it increase the demand and what would the price be in that case? Rosen also tells to construct open-ended questions for kids, this way kids receive an opportunity to present their vision of the situation which significantly speeds up their understanding of the market. By using the examples that Rosen suggests, kids automatically get the idea of the price elasticity of demand and price elasticity of supply.
The author also gives other suggestions of explaining the rule of demand and supply. One of the cases is the formation of prices for fuel. Actually, supply and demand is only the part components that set the price. But the discussion can be focused on driving habits, cutting off the not necessary driving, drive a more fuel-efficient vehicle. The number of topics that can be used for discussion is countless; what the author thinks really important is to keep a child interested and at the same time entertained by the conversation which will help the process of understanding. The kids' awareness of such basic economic issues plays an essential role in how they will manage their funds in the future.
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