aidemia--modules-lessonplan_request	Titles of parts of the lesson must be formatted as headings
What to create	Lesson plan
Which subject	Economics
What topic	Supply
What length (min)	30
What age group	Year or Grade 11
Include homework
Include images descriptions
Any other preferences

Lesson Plan: Understanding Supply in Economics

Grade Level: Year 11
Subject: Economics
Duration: 30 minutes
Topic: Supply

Lesson Objectives

By the end of this lesson, students will be able to:

• Define the concept of supply in economics.
• Explain the law of supply.
• Identify factors that influence supply.
• Graph the supply curve and understand shifts in supply.

Materials Needed

• Whiteboard and markers
• Graph paper
• Laptops or tablets (optional for research purposes)
• Handouts with supply-related data and questions

Lesson Structure

Introduction (5 minutes)

• Begin with a brief recap of demand. Ask students how supply interacts with demand to determine prices in the market.
• Introduce the topic of supply, explaining its significance in economics. Provide a simple definition: Supply refers to the quantity of a good or service that producers are willing and able to sell at various prices over a certain period.

Direct Instruction (10 minutes)

• The Law of Supply:

  • Explain that the law of supply states that as the price of a good increases, the quantity supplied also increases, and vice versa, ceteris paribus (all else being equal).
  • Present a basic graph illustrating this relationship with price on the vertical axis and quantity on the horizontal axis.

• Factors Influencing Supply:

  • Discuss key factors that can shift the supply curve, including:
    • Production costs (e.g., wages, materials)
    • Technology advancement
    • Number of suppliers in the market
    • Government policies (taxes, subsidies, regulations)
    • Expectations about future prices

Class Activity (10 minutes)

• Divide students into small groups and provide each group with a scenario that details a change in one of the factors influencing supply (e.g., a new technology that reduces the cost of production).
• Ask each group to discuss and determine how this change would affect the supply curve for the respective product and present their findings to the class.

Conclusion (5 minutes)

• Summarise key points covered in the lesson.
• Reinforce the relationship between supply and price, as well as the impact of external factors on supply.

Homework Assignment

Tasks:

1. Define supply in your own words and provide an example.
2. Explain the law of supply with a scenario of your choice.
3. Identify and explain three factors that can cause a shift in the supply curve, providing an example for each.

Submission:

• Please write your responses in a Word document or on paper and submit it at the beginning of the next class.

Answers (for Teacher Reference):

1. Example Definition: Supply is the total amount of a specific good or service that producers are willing to sell at various prices in a market. Example: If a bakery can supply 100 loaves of bread at £1 each, its supply is 100 loaves at that price.

2. Law of Supply Scenario: If the price of chocolate bars increases from £0.50 to £1.00, suppliers may increase the quantity of chocolate bars they produce from 200 to 400, reflecting the law of supply.

3. Factors Influencing Supply:

   • Production Costs: If the cost of raw materials for creating a product falls, suppliers may be able to produce more at each price point, shifting the supply curve to the right.
   • Number of Suppliers: If new competitors enter the market, the overall supply of the good increases as multiple suppliers begin offering their products, shifting the supply curve to the right.
   • Government Policies: A subsidy for renewable energy production may encourage suppliers to produce more solar panels, shifting the supply curve rightwards as the effective price received by producers increases.

Additional Notes

• Encourage students to think critically about how real-world events may impact supply.
• Suggest they keep an eye on news relating to key industries to see supply dynamics in action.