| aidemia--modules-lessonstartideas_type | Give a creative idea how to begin a lesson |
| Which subject | Economics |
| What age group | Year or Grade 11 |
| What topic | Elasticity |
| Quantity | 1 |
| Any other preferences |
Welcome to today’s lesson, Year 11! We're about to embark on a thrilling journey into the world of Elasticity—a crucial concept in economics that helps us understand how responsive consumers and producers are to changes in price.
To kick things off, let’s imagine a scenario that might just blow your mind (and your taste buds)!
Picture this: You’re at the local shop, eyeing a delicious bar of chocolate. The shopkeeper decides to raise the price from £1.00 to £1.50. Now, here’s the question for you to ponder: Will you still buy that chocolate bar, or will you resist the temptation?
Group Thoughts: In groups of four, discuss your choices. How likely are you to buy the chocolate now that the price has increased? Why?
Explore Factors: Consider factors such as your personal budget, the availability of other snacks, or even your sweet tooth!
Share Responses: After five minutes, let’s regroup and share your insights. This will help us touch on key concepts that will lead us into the heart of elasticity.
As we begin to explore your responses, we’ll uncover two important themes: the Price Elasticity of Demand and the Price Elasticity of Supply. Were some of you more likely to give up chocolate than others? What influence does the price change have on different goods and services?
By the end of the lesson, you will be able to:
Let’s dive deeper into the dynamic relationship between price and quantity demanded, starting with a quick recap of the key terms!
Grab your notebooks, and let's uncover the fascinating world of elasticity that drives our everyday economic decisions! 🍫💷