A New Business: Vinnie?s Pizzeria and the Lessons of Supply and Demand
About the A New Business: Vinnie?s Pizzeria and the Lessons of Supply and Demand Lesson
This lesson provides an introduction to economic concepts of supply, demand, and price. Students will read the narrative about a small business owner and the choices he makes running his business. Students will then consider a brief case study.
• To define supply, demand and price.
• To evaluate a business problem and identify a possible solution.
• To build critical thinking skills.
• To accurately read a table.
In a small town in New Jersey, Vinnie?s Pizzeria was started back in 1961. The son of Italian immigrants Harry and Hazel Roma, Vinnie Roma finished high school and decided to open a restaurant. Vinnie?s Pizzeria, it is called, was his pride and joy. He was able to start the business using money he earned from raking leaves in the fall and shoveling snow in the winter. His parents had been regularly saving money for their future and wanted to help Vinnie get started. Harry and Hazel contributed $3,000 toward the cause. Vinnie figured that about $5,000 would be enough to get him started, even though he didn?t really know for sure.