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Teacher’s name: Ms. Kristen Brady Subject: Civics and Economics Topic: Scarcity, Supply and Demand Date: 11/6/08 Student ID: 104916663 th Grade Level: 7 Grade NCSS Strand: VII. Production, Distribution, & Consumption a) Give and explain examples of ways that economic systems structure choices about how goods and services are to be produced and distributed. b) Describe the role that supply and demand, prices, incentives, and profits play in determining what is produced and distributed in a competitive market system. NCSS Substrands: V. Individuals, Groups, and Institutions VI. Power, Authority, and Governance Essential Questions/Big Ideas Concepts: Scarcity, Supply and Demand Essential Questions: How do people deal with scarcity, resources, choice, opportunity cost, price, incentives, supply and demand, production, and consumption? What is scarcity? What is supply and demand? How does supply and demand affect price? [Note: The following essential questions align with the Virginia Standards of Learning curriculum outline and include a few other questions that are unique to this lesson.] General Objective[s]: Virginia SOL CE. 11 The student will demonstrate knowledge of how economic decisions are made in the marketplace by a) Applying the concepts of scarcity, resources, choice, opportunity cost, price, incentives, supply and demand, production, and consumption. Learning Outcomes: [Note: The following UKDs are from the Curriculum Framework for Stafford County Public Schools in Virginia. It is also the same as the Standards of Learning (2008) Curriculum Framework. I offered changes where I felt they were necessary and made adaptations based on my lesson.] Students will understand: People make choices about how to use limited resources, decide the ownership of resources, and structure markets for the distribution of goods and services. Students will know: Scarcity is the inability to satisfy all wants at the same time. All resources and goods are limited. This requires that choices be made. Supply – Quantity supplied rises as prices fall. Demand – Quantity demanded rises as prices fall. Resources are factors of production that are used in the production of goods and services. Types of resources are natural, human, capital, and entrepreneurship. Choice is selecting and item from a set of possible alternatives. Individuals must choose/make decisions about desired goods and services because they are limited. Opportunity Cost is what is given up when a choice is made – the highest value alternative forgone. Individuals must consider the value of what is given up when making a choice. Price is the amount of money exchanged for a good or service. Interaction between supply and demand determines price. Price determines who acquires goods and services. Incentives are things than incite or motivate and are used to change economic behavior. Production is the combining human, natural, capital, and entrepreneurship resources to make goods or provide services. Resources available and consumer preferences determine what is produced. Consumption is using goods and services. Consumer preferences and price determine what is purchased. [IMPORTANT: For this lesson I only go over Supply and Demand and Scarcity. I include the definitions above of the entire SOL objective to use this for future lessons on the rest of the information. I include this information in the DEAN chart as well.] Student will be able to: Indentify the important components of the economy in regards to scarcity, resources, choice, opportunity cost, price, incentives, supply and demand, production, and consumption. (Comprehension) Analyze the current system and identify the flaws and the benefits. (Analysis) Design their own graph of supply and demand between an item. Students will value: Our economic system. Assessment: Methods of Evaluating Student Progress/Performance: Formal Assessment: The Formal Assessments in this lesson are the supply and demand guided notes and project. Informal Assessment: The Informal Assessments of this lesson are the discussion during notes, the Think-Pair-Share, and the teacher getting the students involved in unpacking “scarcity”. Content Outline: Economics – The study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society. Demand Curve – Graphic representation of the relationship between price and quantity demanded. Slopes downward to the right. o Why? As price goes up, quantity demanded goes down. Price and quantity demanded have an inverse relationship. Supply Curve – Slopes upward to the right. As prices rise, supply rises. When quantity demanded is greater than quantity supplied, prices tend to rise. When quantity supplied is greater than quantity demanded, prices tend to fall. Equilibrium – A market in which neither suppliers nor consumers collude and in which prices are free to adjust. (What we aim for, what the market tends to slide toward). Excess Supply – Quantity supplied is greater than quantity demanded. Also called a surplus. Prices go down and price in the market falls. Excess Demand – Quantity demanded is greater than quantity supplied. Also called a shortage. Prices rise. We have a market economy (economic system based on private property and the market, in which, in principle, individuals decide how, what, and for whom to produce). Most people make choices based on self-interest and are assumed to be rational. Vocab, word Scarcity Supply Demand Definition Is the inability to satisfy all wants at the same time. All resources and goods are limited. This requires that choices be made. Quantity supplied rises as prices rise. Examples Oil. Attributes Non renewable, getting smaller every day, not infinite. Non-examples Infinite supply, renewable resources, Trees. Computers Water Quantity demanded rises as prices fall. Oil. If prices go up, people don’t want to buy the item, so there are more of them. People buy more when prices are low to save money before prices rise. Supply. Resources Choice Opportunity Cost Price Incentives Are factors of production that are used in the production of goods and services. Types of resources are natural, human, capital, and entrepreneurship. Is selecting and item from a set of possible alternatives. Individuals must choose/make decisions about desired goods and services because they are limited. Is what is given up when a choice is made – the highest value alternative forgone. Individuals must consider the value of what is given up when making a choice. Is the amount of money exchanged for a good or service. Interaction between supply and demand determines price. Price determines who acquires goods and services. Are things than incite or motivate and are used to change economic behavior. Workers, trees, coal, electricity, etc. Natural resources are things like oil, coal, etc. The finished product (the good). Sometimes though the good can be used to help production (in the example of factories). A dictatorship… or more in this context: communism. Choosing food over clothes. Presidential elections (who you vote for is a choice). Choosing to study over watching TV. The choice you make can benefit you or not be good for you. Choice doesn’t matter. Buying milk for $5. Can rise and fall depending on supply and demand. Items that are free. Bush giving families and individuals money to entice them to spend it and It makes a person want to do something that affects the economy. Doing nothing to change the way things are. Production Consumption Is the combining human, natural, capital, and entrepreneurship resources to make goods or provide services. Resources available and consumer preferences determine what is produced. Is using goods and services. Consumer preferences and price determine what is purchased. “boost” the economy… Bread. Buying a TV. It takes wheat, mixers, people, and a demand to produce bread. Each piece has an important part in creating bread. Raw materials. Purchasing an item, deciding that item is one you need, paying for the item with money. A boycott. Student and Teacher Activities with Estimated Time Blocks: Hook and Anticipatory Set: [15 minutes] o When students come into class there will be three to six chairs missing (depending on the amount of students in the classroom). The students will be told to do their Bell Work and will probably seem confused about the missing chairs. When they ask about the chairs the teacher can tell them that it is to show them what scarcity means. The teacher should then write the word on the board and ask the students, “based on their previous experience, what do they think scarcity means?” After students unpack the word the teacher can write the real definition (as written in the DEAN chart) on the board. o The Bell Work question for the day should still be answered and will be “Write about a time when you wanted something (a new bike, new clothes, etc) but you couldn’t have it. Why couldn’t you have it? Did you do anything to change that?” That will have them thinking about a time when they weren’t able to purchase something and they will be able to connect many lessons in economics back to that experience. o The Essential Question that is addressed in the two above parts of the lesson are: What is scarcity? Lecture with Guided Notes: [30 minutes] o The teacher will discuss supply and demand with the students. First the teacher needs to pass out the guided notes with the two blank graphs for supply and demand with the two general principles of supply and demand for the students to complete during the lecture. The teacher should also draw a few examples on the board of supply and demand curves that will hold the students’ interests. Some examples would be demand for concert tickets to see the Jonas Brothers (Because so many girls love the Jonas Brothers and want to see them play in concert, they can sell their tickets for a higher price). The students will begin to understand that if demand rises, prices also rise and they will have to pay more. The teacher should use the DEAN chart or the Content Outline to discuss and talk about Supply and Demand. Another important example that the teacher needs to discuss is Gas Prices. That topic affects the lives of most students (though they can’t drive in seventh grade) because their parents have to pay for gas and they are probably anticipating getting their learner’s permits in a few years. o The teacher should show students this political cartoon: o The teacher should facilitate a THINK-PAIR-SHARE in which students think to themselves what this cartoon means, share with their neighbor, and then get called on to give their answer in class. The students and teacher should have a discussion about how gas prices have gone up because they demand is high and the supply is low. o This portion of the lesson addresses the following Essential Questions: What is Supply and Demand? How does Supply and Demand affect price? Student Activity: [40 minutes] o Students will be given the opportunity to create their own supply and demand graph and situation. o Students should be passed out the project information sheet with the rubric included. They will have to come up with a real life situation in which supply and demand of a good and service has caused changes in price. They can use and example in the United States or in another country. o It is important that students are given the resources to do this project: Computers, Newspapers, Etc. o It is important for students to choose their topic based on a current or past event. o The students will work on their projects during class time and should be given a few blank supply and demand curve graph sheets. o The teacher can give students an example: Gas is going down in supply, but demand is high because driving is considered necessary so prices rise. People aren’t happy about this. It was a big topic in the 2008 Presidential Election. o Students should work with a partner. For students that are struggling with the information teachers should place them with a student that is understanding the material well. o At the end of class the teacher will collect the final products for a grade. o This portion of the lesson addresses the following Essential Questions: What is Supply and Demand? How does Supply and Demand affect price? Homework: [30 minutes] o For homework students should complete a DEAN chart for the following terms: Opportunity Cost, Incentives, Production, and Consumption o They should use their books or the internet. It is only four terms but it is important for students to know what they mean before coming to class the next day. Materials Needed for the Lesson: A chalk or dry erase board. Chalk and/or dry erase marker. A place to easily store the chairs. Students need to have their Bell Work notebooks (which they should bring with them to every class). The guided notes to hand out to students. The in-class project description and rubric. A way for students to look up information for their projects. Bibliography/Resources Used: (2008). History and Social Science Standards of Learning Curriculum Framework. The Virginia Department of Education. Retrieved from http://www.doe.virginia.gov/VDOE/Instruction/History/curriculum_framework_2 008/Govt-CF-08.pdf. Colander, D. C. (2006). Microeconomics. Boston: McGraw-Hill Irwin. Differentiation for Special Needs: Struggling Readers: Because the lesson involves charts, writing, and working with others, struggling readers will not feel pressured to keep up with the lesson. When the teacher is writing on the board (definitions) he/she is vocalizing the writing. Students that struggle with reading will benefit from the writing being vocalized. ELL: Students that are still having trouble grasp English will benefit by participating in the Think-Pair-Share activity. They will also get to see graphs and use the guided notes, which is mostly a visual activity. ADHD: Students with ADHD will appreciate the different activities that the day’s lesson presents. The lesson also begins with the hook which students can relate to their own lives. It creates an immediate experience for students to connect with and look back to during the lesson. Subject Matter Integration/Extension: Supply, Demand, and Scarcity are huge issues in day to day life for citizens. Gas Prices are a huge deal right now in current issues and students need to understand why it is a problem. They also will become (though most already are) consumers in the economy and should understand how the system works that they are participating in. Economics also reaches across the spectrum to Math as graphs and charts are used. Students need to be able to read graphs in charts in their lives and most subjects require it as a necessary skill. Reflections/PPT’s in Lesson: This lesson fits with my philosophy of teaching because its gets students thinking about how the content is relevant to their lives and the lives of others around them. It shows students that they can’t always get what they want (scarcity) and why (supply and demand). The lesson also equips them with knowledge of current and past events and how they are related to supply and demand. They have to search and discover the situations themselves, but it will give them a new way to look at history and current events through an economic perspective. I believe students need to look at history through a lens that includes a social, economic, and historical perspective.