| Full lesson | Create for a teacher a set of content for giving a lesson, beginning with the lesson plan. Each new block of materials must begin with an H1 heading (other subheaders must be H2, H3, etc). When you describe required pictures, write those descriptions in curly brackets, for example: {A picture of a triangle} |
| Which subject | Business |
| What topic | supply and demand and equilibrium |
| What length (min) | 90 |
| What age group | Doesn't matter |
| Class size | 20 |
| What curriculum | |
| Include full script | |
| Check previous homework | |
| Ask some students to presents their homework | |
| Add a physical break | |
| Add group activities | |
| Include homework | |
| Show correct answers | |
| Prepare slide templates | |
| Number of slides | 5 |
| Create fill-in cards for students | |
| Create creative backup tasks for unexpected moments |
Supply and Demand and Equilibrium
Middle School to High School (Grades 7-12)
Business
90 minutes
20 students
The lesson aligns with the National Economics Standards, specifically in understanding the basic principles of microeconomics.
| Step Number | Step Title | Length (minutes) | Details |
|---|---|---|---|
| 1 | Introduction to Supply and Demand | 10 | Introduce the concepts of supply and demand. Explain their importance in economics. |
| 2 | Discussing Equilibrium | 15 | Illustrate how supply and demand interact to find market equilibrium. Use real-world examples. |
| 3 | Group Activity Setup | 5 | Divide the class into 4 groups of 5 students each. Assign different scenarios related to supply and demand. |
| 4 | Group Activity | 20 | Each group analyzes their assigned scenario, creating supply and demand graphs to depict their findings. |
| 5 | Group Presentations | 10 | Groups briefly present their findings to the class. (No formal presentations required; ideas should be shared informally.) |
| 6 | Class Discussion | 10 | Facilitate a discussion on the different scenarios and the outcomes of the group activity. |
| 7 | Application to Real-World | 15 | Discuss current events or trends in the market that illustrate supply and demand principles. |
| 8 | Reflection and Wrap-Up | 5 | Have students write sticky notes reflecting on one thing they learned, which they will place on a board as they leave. |
| 9 | Homework Assignment | 5 | Assign a worksheet that reinforces the concepts learned in class, to be submitted the next lesson without presentation. |
Students will complete a worksheet on supply and demand concepts, including questions that require them to apply the principles discussed in class. This homework will be checked for completion without presentations.
Students will be assessed on participation in group activities, completion of the homework assignment, and engagement in class discussions.
"Good morning, class! Today, we're diving into the fascinating world of economics, specifically the concepts of supply and demand. These principles are crucial for understanding how markets operate. Supply refers to how much of a product or service is available, while demand reflects how much of it consumers want. Why are these concepts important? They help determine prices, production levels, and even economic policies. Let's get started!"
"Now that we have a basic understanding of supply and demand, let's talk about equilibrium. Can anyone tell me what happens when supply meets demand? That's right! Market equilibrium occurs when the quantity supplied equals the quantity demanded. To illustrate this, let’s look at some real-world examples. For instance, think about a popular new gadget that everyone wants. What happens to its price when demand is high but supply is low? Yes, the price goes up! Understanding this interaction helps us grasp how economies function. Can anyone share other examples where they have seen supply and demand affect prices?"
"Great contributions, everyone! Now we’re going to move into our group activity. I’ll divide you all into 4 groups with 5 students each. Each group will be assigned a different scenario that relates to supply and demand. As you work together, think about how the concepts we discussed apply to your scenario. Let’s quickly form our groups!"
"Alright, groups, you have about 20 minutes to analyze your assigned scenario. Your task is to create supply and demand graphs to depict your findings. Take a look at the handouts with the graphs—they'll help guide your analysis. Remember to collaborate and utilize each other’s strengths. Good luck, and I'll be walking around if you need assistance!"
"Time's up, everyone! Let’s hear from each group. I’m not looking for formal presentations; just share your key findings and insights from your analysis. Group 1, why don’t you start?"
"Fantastic presentations, everyone! Now, let’s open the floor for a class discussion. Based on what we heard, what are some common themes or surprising results that you noticed across the different scenarios? How did the varying conditions of supply and demand influence the outcomes?"
"Now, let’s take a moment to apply what we've learned to some current events. Can anyone think of recent trends or news in the market that illustrate the principles of supply and demand? Think about things like gas prices, food shortages, or tech releases. How does these real-world examples align with what we've discussed today?"
"As we wrap up, I want you to take a sticky note from the front. Write down one thing you learned today about supply and demand. Once you’re finished, please place your notes on the board as you leave. This will help us reflect on our learning!"
"For homework tonight, I’d like you to complete a worksheet that reinforces the concepts we’ve covered today. This will include questions requiring you to apply the principles of supply and demand to various situations. Please remember, this is due next class, and no presentations are required for your homework. If you have any questions, feel free to ask before you leave!"