Supply and Demand

“Fortune and Failure in Furs” is an economics lesson which asks students to consider the relationship between supply, demand, and prices - all of which determine the course of trade. The questions are intended to guide classroom discussion and to encourage students to use basic terms and concepts from the field of economics as they formulate their thoughts and responses.

To close the discussion, ask the students to consider the long-term effects of the fur trade and the dramatic drop in seal and otter populations in the early 19th century.