| Supply and Demand and its effect on our food supply |
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Grade Level: 11 grade
Subject: Introduction to Economics
Learner Outcomes:
1. Understand the economic concepts of demand and supply.
2. Plot a demand curve from a demand schedule
and plot a supply curve from a supply schedule.
3. Create a demand curve using Microsoft Excel
from a demand schedule and create a
supply curve using Microsoft Excel from a supply schedule.
View an example curve.
4. Explain what happens in the marketplace.
Duration of Lesson: Two 45 minute classes.
Materials: Textbooks, notebooks, paper, pencil, handouts and websites on supply and demand.
Technology Tools/Courseware:
Teacher Notes: Ask your students if they can think of any recent occasion when the purchase or non-purchase of some item was determined by price. Did anyone, for example, find a bargain "too good to pass up"?
Procedures: It is now time to put the demand curve and the supply curve together in the marketplace to find equilibrium. Plotting to find equilibrium using the supply schedule and the demand schedule work sheet 1 work sheet 2
Modifications: Peer tutoring can be use to help students understand and master all concepts of graphing and note taking: Your personal notes become your best test. Students are encouraged to share their notes with other students in order to check the accuracy of your notes.
Enrichment/Assessment: Economics in action: You are an alchemist in the middle ages trying to convert base metals into gold, What would be the economic consequences if you succeed and your methods become widely known. What would happen to the supple of gold and price of gold. Quiz students to see if they can put this on a supply and demand model?
West Virginia
Standards:
E.1
give examples showing how scarcity of goods and services forces people to
make choices about needs and wants
E.3
explain the role supply and demand, prices, incentives, and profits play
in determining what is produced and distributed in a free enterprise system
National Standards:
Understands the concept of prices and the interaction of supply and demand in a market economy
Job/Career Clusters:
Business and Marketing: management/marketing; professional level
References:
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Just for the Health of it |
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Charleta Brooks Linda Lee Paul D. Ward |
