Supply and Demand The Market System Name_______ Section________ Illustrate each of the following. Make predictions regarding the direction of price and quantity transacted in the marketplace. 1. An unexpected freeze devastated the Florida orange crop. Orange Juice a. The workers will likely lose their jobs as there is less of the product and therefore less work to be done. b. The price will rise for the consumers 2. An unexpected freeze devastated the Florida orange crop. Cranberry Juice a. The workers will most likely be unaffected as the cranberry juice and orange juice have a different market. b. The consumers will be unaffected as they are separate markets. 3. Trade restrictions are lifted. More clothing will be imported. a. The workers will most likely be making the same money as they are importing and not increasing their own production b. The price will rise for the consumers Oxford Shirts 4. Trade restrictions are lifted. More clothing will be exported. a. The workers will be making more money and less products. b. The consumers will pay less. Oxford Shirts For each of the exercises, use the space beneath the scenario to describe the possible affects on: a. The workers in that industry b. The consumers of that good