Download ECONOMICS-E03

ECONOMICS
(SECONDARY)
ESSENTIAL UNIT 3 (E03)
(Supply & Demand, Price Controls)
(July 2015)
Unit Statement: The student will learn about the supply and demand model. He/she will
examine the supply and demand curves and how their interaction determines equilibrium
market price and quantity. The student will also learn about the difference between a
movement along a curve and shifts of the curve. He/she will examine the causes of shortages
and surpluses using this model. The interaction between supply and demand underlies nearly
all important economic concepts.
Essential Outcomes: (must be assessed for master)
1. The Student Will define and explain a competitive market.
2. TSW derive a demand curve from a demand schedule.
3. TSW explain the downward slope of the demand curve using the interaction of price
and quantity.
4. TSW derive a supply curve from a supply schedule.
5. TSW explain the upward slope of the supply curve using the interaction of price and
quantity.
6. TSW distinguish between a change in demand/supply and a change in quantity
demanded/supplied.
7. TSW apply the supply and demand model to explain the five main shifters of the
demand curve.
8. TSW apply the supply and demand model to explain the five main shifters of the
supply curve.
9. TSW identify and explain the concept of equilibrium price and quantity.
10. TSW explain causes of shortages and surpluses using the supply and demand model.
11. TSW analyze problems caused by price and quantity controls.
12. TSW define and apply Key Terms and Concepts (pg. 21).
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QSI ECONOMICS SEC E03
Copyright © 1988-2015
Key Terms and Concepts:
Competitive market
Substitutes
Movement along the supply curve
Supply and demand model
Complements
Input
Demand schedule
Normal good
Individual supply curve
Quantity demanded
Inferior good
Equilibrium price
Demand curve
Individual demand curve
Equilibrium quantity
Law of demand
Quantity supplied
Market-clearing price
Shift of the demand curve
Supply schedule
Surplus
Movement along the demand curve Shift of the supply curve
Shortage
Price ceiling
Price floor
Black markets
Consumer surplus
Producer surplus
Deadweight loss
Price controls
Total surplus
Willingness to pay
Elasticity
Inelastic
Unit elastic
Suggested Materials:
“Essentials of Economics” First Principles, Chapters 3 + 4;
Suggested Strategies:
1. Simulation classroom activity.
2. Teacher generated examinations.
3. “Economics In Action” section from textbook.
Technology Tools:
WebPath Express (found in school library)
Economic education link database: http://www.econedlink.org/web-links/approvedeconomic-web-links.php
Foundation for the Teaching of Economics: http://www.fte.org
Khan Academy Microeconomics: http://www.khanacademy.org/economics-financedomain/microeconomics
Khan Academy Macroeconomics: http://www.khanacademy.org/economics-financedomain/macroeconomics
ACDC Econ: https://www.youtube.com/channel/UCCQEbqDL8i40d83Au55lYMQ
MJMFoodie Econ: https://www.youtube.com/user/mjmfoodie
Jason Welker Econ: https://www.youtube.com/user/welkerjason
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QSI ECONOMICS SEC E03
Copyright © 1988-2015
QSI ECONOMICS
ESSENTIAL UNIT 3 (E03) RUBRIC
(Supply and Demand, Price Controls)
Must achieve all ‘B’ Level in all TSW’s for a ‘B’.
Must achieve 3 of 4 in the ‘A’ column for an ‘A’.
The Student Will……..
1. define and explain a
competitive market.
‘A’ Level Mastery
Can make inferences as to how
competitive markets might differ
from other types of market structure.
‘B’ Level Mastery
Can explain what a competitive
market is using specific examples.
2.derive a demand curve
from a demand
schedule.
Can draw a demand curve on a
properly labeled graph when given
a demand schedule.
3.explain the downward
slope of the demand
curve using the
interaction of price and
quantity.
Can explain the slope of the curve
based on the relationship between
price and quantity.
4.derive a supply curve
from a supply schedule.
Can draw a supply curve on a
properly labeled graph when given
a demand schedule.
5.explain the upward
slope of the supply
curve using the
interaction of price and
quantity.
Can explain the slope of the curve
based on the relationship between
price and quantity.
6.distinguish between a
change in
demand/supply and a
change in quantity
demanded/supplied.
Can explain with a diagram what
causes a movement along the line
using examples.
7. apply the supply and
demand model to
explain the five main
shifters of the demand
curve.
Can diagram double-shifts and
explain the effect on price and
quantity.
Can explain all five shifters of
demand on a diagram using
numerous examples.
8. apply the supply and
demand model to
explain the five main
shifters of the supply
curve.
Can diagram double-shifts and
explain the effect on price and
quantity.
Can explain all five shifters of
supply on a diagram using
numerous examples.
Can identify equilibrium price and
quantity levels on a supply and
demand model.
9. identify and explain
the concept of
equilibrium price and
quantity.
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QSI ECONOMICS SEC E03
Copyright © 1988-2015
NOTES
Can diagram shortages and
surpluses with proper labels and
explain the causes.
10. explain causes of
shortages and surpluses
using the supply and
demand model.
11. analyze problems
caused by price and
quantity controls.
Can identify and assess real world
examples of how market controls
have created black markets.
Can define and apply the key
terms.
12. define and apply Key
Terms and Concepts
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QSI ECONOMICS SEC E03
Copyright © 1988-2015
Can explain problems created by
price controls with specific
examples.