Narration: Shall we see what's going on at Jae-Min's today?
Jae-Min's grandpa: Dinner's ready, everyone!
Jae-Min's dad: Wow, I'm so hungry!
Jae-Min: What's for dinner, Grandpa?
Jae-Min's dad: Huh?
Jae-Hee: Grandpa, where's my meat loaf?
Jae-Hee: What's wrong?
Jae-Hee: Grandpa, what's this?
Jae-Min: Growing children need to consume calcium, vitamins, protein, carbohydrates, and minerals...
Jae-Hee: Looks like I'll probably lose some weight, even if I don't try.
Jae-Min's dad: Father, I know we haven't been doing too well with the business lately, but I don't think this is necessary.
Jae-Min's grandpa: Son, don't be silly. You don't know how much prices have gone up lately.
Jae-Min: Hey! That's mine!
Jae-Hee: No, it's mine!
Jae-Min's grandpa: I'm going to have a word with 'supply' and 'demand', and get these prices back down!
Jae-Min: Grandpa, who are Supply and Demand?
Jae-Min's grandpa: Well, I don't actually know them.
Kang-Ho's mom: Huh? Supply and Demand?
Kang-Ho's mom: Grandpa, supply and demand are not people.
All: What? They're not people?
Kang-Ho's mom: Here, take a look at this.
Kang-Ho's mom: Basically, supply is the process of supplying the market with goods for sale. Demand is the process of purchasing those goods.
Jae-Min's grandpa: Wow, is that right?
Jae-Min's dad: But then how do supply and demand decide the prices of commodities? I mean, they're not real things, are they?
Kang-Ho's mom: Oh, that's...
Jae-Min: Hey, guys!
Se-Na: We came straight over after you called us. What's happening?
Jae-Min: Well, it's... @##$$%%&*
Kids: Oh, ok...
Song-I: Well, then why don't we just go to the market ourselves?
All: The market?
Kids: To figure out who decides the prices? We'll find out!
Se-Na: By the way, did you really think that supply and demand are people? How strange, I thought everyone knew what they are.
Jae-Min's grandpa: Son, do you think they'll figure out we're not normal?
Jae-Min's dad: I hope not. Jae-Min, do something.
Song-I: Maybe there are some things that adults don't know about, either.
Kang-Ho: Yeah, my mom always reads books to find out about things she doesn't know.
Se-Na: Oh, I see. Let's hurry and go to the market.
Kang-Ho's mom: Have a good time! Be careful, everybody!
Narration: Jae-Min's family has realized that supply and demand are not people, and now they're going to the market to find out how prices are determined. Jae-Min's grandpa: Excuse me! Why are you asking \500 for that spinach? It used to cost \1,000.
Merchant: Why? Because the prices have gone down.
Jae-Min's dad: Why have they gone down?
Merchant: If vegetable prices are too high, people buy less vegetables. So the supply of vegetables will keep piling up, won't it? But since vegetables go bad, even after one day, we have to throw out what we haven't sold. That's why we lower the prices, so that we can sell them all.
Jae-Min: Oh, I see!
Se-Na: Hey, that lady over at that vegetable store is changing her price as well!
Merchant 2(lady): Of course, we want to make as much money as possible. But do you think people will buy our goods if we charge too much? No, they won't. And that's another reason we lower the prices.
All: Oh, we get it now.
Se-Na: Excuse me, are you lowering the rice price because people weren't buying it when it was higher?
All: He must be...
Merchant 3: Actually, no. We've been charging the same price for the past two months. But we've had a really good harvest this year, so we're lowering the price now to get people to buy as much rice as possible. In other words, this is a 'price-decline due to increased supply'.
Jae-Min's dad: Aha! So when there is an over-supply, either due to decreased demand or to increased supply, prices go down!
Jae-Min's grandpa: Wow, son! That's good!
Jae-Min: Hehe, Dad, you're so smart!
Merchant 3: But there is another thing...
All: What's that?
Merchant 3: Did you know that the prices of fruit go up during holiday seasons, like Thanksgiving or New Year's?
Jae-Min's grandpa: Why is that?
Merchant 3: Well, families and friends get together on the holidays to celebrate, you know, and they want to have lots and lots to eat, don't they?
All: That's right.
Merchant 3: The supply of the goods remains the same, but there are more people who want to buy the goods. So they have to pay more or someone else will buy them. That's why the prices go up.
Pear: Excuse me, ma’am. Can you stop cutting in line and wait your turn?
Lady 1: I'll give you \3,000. Give it to me!
Lady 2: No, I'll give you \4,000!
Lady 1: Look, I was here first!
Lady 2: So what?
Pear: Ladies, just relax!
Lady 1: You have to give it to me. I was here first!
Lady 2: Well, I'll pay you more, so give it to me!
Merchant 3: Does it make sense now?
Jae-Min's grandpa: Thank you! You've taught us a lot!
Merchant 3: No problem.
All: Thank you!
Jae-Min's grandpa: Well, doesn't it feel great to learn new things? What about you, son?
Jae-Min's dad: Yes, Father. It was a great idea to come here. Listen, I'll work extra hard from now on, so don't worry.
Jae-Min's grandpa: Don't be too hard on yourself, son. I'll help you out as best as I can. Hey! Now that we're here, why don't we get some groceries, so we can have something nice to eat tonight?
Jae-Min's grandpa: What do you kids feel like?
All: I want Chicken! I want fish! I want apples!