Are you looking for an engaging and dynamic lesson that hits multiple intelligences and gives your students an opportunity to evaluate how government intervention like price controls, quotas, and subsidies affect price and quantity in the market? This is the activity you've been looking for!
This activity includes:
1) This "Government Intervention: Price Controls, Quotas, and Subsidies" Activity includes 5 parts. It begins with a graphic organizer that asks your students to describe how the use of a price ceiling changes price level and quantity in a market, as well as the pros and cons of price ceilings. Next, students will have a chance to explain how the use of a price floor changes price level and quantity in a market, as well as the pros and cons of price floors. Students will then describe how the use of a production quota changes price level and quantity in a market, as well as the pros and cons of quotas and why quotas are used in the product market. Then, students will theorize how the use of a per unit subsidy changes price level and quantity in a market, as well as the pros and cons of subsidies and why subsidies are used in the product market. Finally, students will use their knowledge to analyze 5 product markets and predict which government intervention should be used based on the goals provided. Students will graph the intervention, investigate how certain economic indicators will be effected, and then describe how the intervention accomplished the goal stated.
This activity can be used in many different ways in the classroom. Students can work independently, in pairs or this activity can be used as a jigsaw in order to facilitate a class wide discussion about the topics discussed in the activity.
2) A detailed answer key to the lesson activity to save you time and help guide student comprehension.
If you like this activity, check out our Unit Activity Bundle that includes activities for all of the objectives in this unit.
Supply and Demand Unit Activity Bundle
Best of all, this activity aligns to our "Unit 1.4 - Government Intervention" video lecture, which can be found here:
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