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# Supply and Demand Unit - 3 Lesson Plans plus Review Assignment

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This unit contains 3 lesson plans that cover Supply and Demand and how the Price System works. There is also an additional review assignment to end the unit on. For each lesson, there is a powerpoint that explains each concept, and then a short worksheet is assigned for students to apply their knowledge. Answer keys are provided for all worksheets.

The first lesson is over Demand. Students learn about what demand is and how the 6 determinants of demand affect it. The lesson begins with a 30 minute powerpoint that covers:

1. What demand is and how the demand curve works.
2. Difference between Demand and Quantity Demanded.
3. How the 6 determinants of demand affect the demand curve:
a. Consumer Preferences
b. Number of Consumers
c. Consumer Income
d. Price of Substitute Goods
e. Price of Complimentary Goods
f. Consumer Expectations

Afterwards, students complete a Worksheet to apply what they learned from the powerpoint.

The 2nd lesson is about Elasticity of Demand and also Supply. There is a 15-20 minute power point over each concept. The first powerpoint covers:
1. Marginal Utility
2. The Law of Diminishing Marginal Utility
3. Elasticity of Demand
4. The Determinants of Elasticity of Demand

The 2nd powerpoint is about Supply and the Determinants of Supply. It covers:
1. Supply
2. Law of Quantity Supplied
3. How Determinants of Supply affect Supply
a. Price of Resources
b. Technology
c. Taxes and Subsidies
d. Number of Sellers
4. How a change in price affects the Supply graph versus how a change in the determinants of Supply affect the Supply graph.

After the 2 powerpoints, a worksheet is assigned for the students to apply their knowledge.

The 3rd lesson covers how Supply and Demand together form the Equilibrium Price and Quantity of a good. A 15-20 minute powerpoint covers:
a. Equilibrium Price and Quantity
b. Price Floors and Price Ceilings
c. Shortages and Surpluses

Afterwards, students are assigned a worksheet to apply their knowledge.

After the unit, there is an additional review assignment. Students read different scenarios and use that information to show how the Supply and Demand graph for a good changes. They then state how that change affects Price and Quantity.

Each Worksheet has about 10 questions and includes an answer sheet. Please check out the preview to get a good idea of what the worksheets look like.

For Texas teachers, this lesson addresses the following TEKs:

E.2 Economics. The student understands the interaction of supply, demand, and price. The student is expected to:
(A) understand the effect of changes in price on the quantity demanded and quantity supplied

E.2 Economics. The student understands the interaction of supply, demand, and price. The student is expected to:
(B) identify the non-price determinants that create changes in supply and demand, which result in a new equilibrium price

E.2 Economics. The student understands the interaction of supply, demand, and price. The student is expected to:
(C) interpret a supply-and-demand graph using supply-and-demand schedules

- Dan Nguyen
Total Pages
4
Included
Teaching Duration
3 days
• Product Q & A
\$6.50

\$6.50