Economics Educator | Sorbonne Graduate | Bridging Theory & Practice through Global Experience

The Tutor and Student reviewed how prices change by connecting supply and demand principles. They discussed various factors influencing demand, such as seasonal changes and fashion, and analyzed the relationship between high/low supply and demand on price fluctuations. The session concluded with a discussion on strategic pricing and discounts from a shop owner's perspective, with homework assigned to identify products based on demand and supply dynamics.

The Student and Tutor continued their exploration of economics, focusing on the concept of supply and its interaction with demand. They analyzed a scenario of empty supermarket shelves to understand factors affecting supply and demand, defining several key economic terms. The Student was encouraged to continue with existing homework, and the next session will delve deeper into the relationship between demand, supply, and prices.

The Student and Tutor reviewed previous economics topics including money, banking, and savings, before delving into the current adventure on "Why Prices Change." They discussed the relationship between demand, supply, and prices, explored the concepts of price stickiness and production costs, and analyzed real-world examples of price fluctuations. The Student was assigned a follow-up activity to observe and explain price differences between two items based on production costs.

The Student and Tutor reviewed a comprehensive worksheet on real-life economics, exploring concepts such as identifying economic elements in a holiday setting, differentiating between needs and wants, and understanding various payment methods. They practiced banking transactions, discussed pricing strategies, and identified the relationship between demand and price changes. The Student's homework involves completing the remaining sections of the worksheet, which includes designing a dream shop, interviewing an adult about their holiday spending, and writing a reflective essay on economics discoveries during their holiday.

The Student and Tutor reviewed bank account types, various payment methods, and their pros and cons. They then introduced and discussed the core economic concepts of price, demand, and supply, analyzing how these factors influence market prices through real-world examples. The Student was assigned homework to observe and identify different payment methods used by their family during their upcoming vacation.

Student and Tutor reviewed homework on bank account functions and personal saving goals, discussing the difference between current and saving accounts and the utility of various payment methods. They also clarified that minors can open savings accounts and practiced banking terminology through a role-play. For homework, the Student will interview an adult about their bank account and payment methods, and design their own debit card.