Save time lesson planning by exploring our library of educator reviews to over 550,000 open educational resources (OER). The supply and demand infographic highlights basic concepts such as the laws of supply and demand, changes in demand and supply versus changes in the quantity demanded and the quantity supplied, the determinants of demand and supply, and market equilibrium. Tuma plans to sell the water for a high price, but instead the nomads steal his jars, illustrating violent responses to scarcity. It includes notes as well as review questions. Supply and Demand Lesson Plans & Activities.
Students will read articles that show changes in supply or demand, or simply analyze the articles’ summaries and translate the content to the analysis of demand, supply, quantity demanded and quantity supplied, and market equilibrium. In this profit lesson, 8th graders determine the necessary steps for businesses to take in order to generate profit. They compare and contrast the behavior of consumers and suppliers when there... What are the implications when consumers are willing to pay more for something than what they actually end up paying? In addition, only one sheet requires brown, but there are several brown markers available. In their journals, have students describe how the ideas they learned in this lesson transfer to larger life decisions, such as buying a new car versus driving a used car, or buying a non-brand name item, like jeans, an MP3 player, or a computer versus buying a name brand item (i.e.
Suppose a country increases its budget deficit. When gasoline is in high demand and on short supply, OPEC can raise the price to turn a significant profit. Students read a Washington Post article entitled, "Thrill of the Feet." By the end of this lesson they really have an understanding of the Laws of Supply and Demand and how they work. Professional athletes: How much is a superstar in the NBA or WNBA (such as Shaquille O'Neal, Lebron James, Lisa Leslie, Chamique Holdsclaw) paid compared to an average player? He references goods manufactured and sold in the countries using supply and demand principles,... For about the first six minutes Sal reviews the hypothetical global trade scenario from the last video in detail, changing a few numbers to make for a cleaner example. Eric has tutored in English, writing, history, and other subjects. The second group is the students who had a low income and could not afford any of the T-shirts; they should have had enough to cover rent and food with a little money left over, but ask them what they would need to do to be able to buy a T-shirt. Learners consider this and other questions about supply and demand and the effects of monopolies using authentic College Board... Vaccinations prevent disease, but do they impact anything else? Since both are made of wax, the price of candles and crayons would both go up. The concept of supply and demand is often considered the heart and soul of economics. Lead students to think about various issues, including: Conclude this discussion by stating that, although it may not be the best model to represent the number of sales, a straight line is an easy model to use that is probably reasonably accurate, so it will be used for the following activity. They study the roles of supply and demand, technology and discovery, and advertising on design and consumption. Additional prompts consider the... Students analyze the meaning of the business term, elasticity, and discuss the main elasticity concepts of price, income, and cross elasticity. The vertex of the equation represents the selling price at which the maximum total revenue would be earned. She has published articles on parenting, environmental issues and religious topics in a variety of print and online venues, including "HomeLife Magazine" and "Pink & Green." Here you'll find a great instructional video on how to use information and concepts from a basic aggregate supply and demand curve in order to draw the short run and long run Phillips curve. Based on the amount of money they have, students should now decide which of their classmate's T-shirts that they want to purchase, if any. Students also formulate what happens... Students investigate how the price of gas is determined. Based on their graphs, students should determine the selling price at which revenue will be maximized. The Wright Teachers present the Economics Supply and Demand Practice worksheet. For the second part of the simulation, tell all students that they must buy at least one shirt. This guide provides economics honors students with 28 scenarios and questions related to an advanced understanding of supply and demand. Students who spent much of their money on a T-shirt will now find themselves in trouble. Class members examine primary source documents, including lecture notes, articles, essays and congressional records to better understand the Hetch Hetchy controversy that created a split... Students identify the various coins and their values through presentations, a rubric, a value pretest, and coin manipulatives. In less than 19 minutes, review all the key microeconomics concepts you'll need to know and remember for the big exam with this excellent video review! Explain to students that a graph could be used to determine the number of pies sold. All Rights Reserved. Other prompts include the effects of sales taxes and supply and... How are monopolies and competitive firms similar and different?