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Economics Supply Introduction: Law of Supply and Determinants that Shift Supply

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626 KB|3 pages
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This is a continuation of Demand Introduction and Demand Lesson 2, in which the high school student is the main character in a scenario that clearly defines and explains supply, the law of supply, and factors (determinants of supply) that can increase or decrease supply with room for additional student examples of each. This 3-page lesson with key included uses lemonade stands and pet rocks to explain the basics, and new scenarios for the 7 determinants. These lessons were designed for use in honors and standard Economics courses for high school seniors.
This lesson is continued with Supply Lesson 2 (sold separately), which includes two handouts for practicing construction of supply schedules, turning them into supply curves, and shifting supply curves. Also included in Lesson 2: 15 practice questions for identifying whether supply increases, decreases, or doesn't change; and a one-page explanation of elasticity of supply.
Total Pages
3
Answer Key
Included
Teaching Duration
2 hours
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