Supply and demand is known as one of the most fundamental concepts of economics and is the backbone of a market economy.
Students in the International Baccalaureate (IB) year one classes and Intro to Economics classes have been studying supply and demand. As part of that, they put the two together in a market diagram.
Friday, they took it a step further as the students simulated a wheat market in the classroom.
Half of them became buyers of wheat and half of them became wheat sellers to create their own market for wheat.
"This allowed them to apply the IB concepts they have learned and see how consumer and producer surplus come to fruition in the real world," IB Economics and U.S. History Teacher Dr. Heather Price said.