Download Teacher`s name: Amanda Plummer

Teacher’s name: Amanda Plummer
Subject: Civics and Economics: Middle School Grades
Topic: Supply and Demand
Concepts: supply, demand, economy, consumer, producer, equilibrium
General Objective[s]:
CE.9 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.
NCSS VII.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.
Learning Outcomes:
The SWBAT define supply. (K)
The SWBAT define demand. (K)
The SWBAT accurately draw a graph with curves and an equilibrium point. (Ap)
The SWBAT analyze a graph of supply and demand. (An)
Content Outline:
 Supply: The amount of output available in a market. It is a quantity of
goods that sellers are willing to sell. The main determinant of supply is
the market price of the good, and the cost of producing it. In a graph the
curve is upward sloping.
 Demand: The economic want, backed up with purchasing power. It is the
different amounts of products that buyers are willing to buy at different
prices. In a graph the curve is downward sloping.
 Equilibrium: The point where supply and demand meet. It is where there
is no surplus of goods, and no excess demand. It equates supply and
demand.
 The “Law” of Supply and Demand: Predicts that the price level will move
to the point that equalizes the supply of sellers with the demand of
consumers. It can be graphically depicted.
Student and Teacher Activities with Estimated Time Blocks:
Teacher
Student
Set Induction: In pairs, you will discuss Students will discuss the prompt in
what economics is, and what it means
pairs and write down their response.
to our daily lives. Write down your
group's response to share with the
class.
The teacher will then monitor the
student pairs. (5-7 minutes)
Teacher will hand out envelopes with
The students will work with a partner to
terms.
match the correct term with the correct
definition.
In your pairs, remove all of the terms
and definitions from the envelope.
Then try to match the correct term with
the correct definition.
The teacher will then monitor the
groups. (5-7 minutes)
The teacher will go over the terms
during class discussion, calling on
students to read out the definition they
chose. (20 minutes)
Now that we have gone over the
definitions for the lesson, you will paste
them into your notebook on the left
side. Then on the right side you will
draw an illustration that depicts the
term. It can be anything that helps you
to define and understand the definition
better.
The teacher will monitor student
progress. (10-15 minutes)
The students will have the opportunity
to share their pictures with the class
(10 minutes).
Now we are going to work with our
terms.
The teacher will draw a blank graph on
the whiteboard and ask the students
where to draw the lines representing
supply, demand, equilibrium point,
price, and quantity. (15 minutes)
Closure: Supply and Demand dictates
Students will be asked to explain why
they chose the definitions for each
term. They will then listen to the
explanation of the teacher.
Students will work individually to
complete their interactive notebook
assignment.
Students will show and explain their
pictures with a partner, and then to the
class.
The students will explain to the teacher
where to put the lines on the graph to
explain the Law of Supply and
Demand.
The students will take an open notes
a lot about our economy and it is vital
quiz on Supply and Demand.
that you understand and can apply
these important concepts. You will
have 15 minutes to complete this opennotes quiz.
Materials Needed for the Lesson: Notebook, pencil, markers, glue stick,
envelope with terms and definitions.
Methods of Evaluating Student Progress/Performance: The students will take
an open note quiz at the end of the class period. They will have 15 minutes to
complete the quiz with their notes available to them. The questions will be as
follows. (5 points each)
1.) Explain in your OWN words the concepts of supply and demand.
2.) Draw a graph depicting the Law of Supply and Demand label it with the
following terms: supply, demand, price, quantity, and equilibrium.
3.) What is the equilibrium point? What does it mean?
Differention for Special Needs:
The lesson is accessible for students with any learning profile. Students who
learn visually will learn best from the drawings in their interactive notebook and
the graphical representation on the whiteboard. Students who are auditory
learners will benefit from class discussion and lecture. Kinesthetic learners will
be able to illustrate their notebooks with markers and the word scramble will
make the terms more tangible to them because they are able to move them
around. The lesson is broken down into small easy to manage sections for
students with Attention Deficit Disorder or other learning disabilities.
Subject Matter Integration/Extension:
This lesson will be used to introduce the Law of Supply and Demand to middle
school students in a Civics and Economics class. Understanding these concepts
is crucial to student understanding of our economy. The lesson can be furthered
with application problems, asking the student to explain what would happen in
the event of a surplus or deficit. This lesson will fit into the larger picture of what
a market is, what a competitive market is, and what capitalism is. It can easily be
built upon.
Reflections/PPT’s in Lesson:
This is a great lesson for middle school students. Oftentimes students are asked
to learn important terms from their text book or even a dictionary. However, I feel
that the students should have the opportunity to work with good definitions from
the beginning. The students participate a lot in this lesson which is the key to
learning. The students are not simply writing down the terms but are reading
them, explaining them, and applying them. The interactive notebook offers a
deeper understanding of the terms and gives students a way to explain the terms
in their own way. I think it is important for students to have plenty of
opportunities to discuss and explain their work, this lesson provides them with
these opportunities.
References and Resources:
Supply and Demand. Accessed November 8, 2006.
http://www.netmba.com/econ/micro/supply-demand/
Supply and Demand. Accessed November 8, 2006.
http://www.mcwdn.org/ECONOMICS/SupDemand.html
Overview of Supply and Demand. Accessed November 8, 2006.
http://www.ingrimayne.com/econ/DemandSupply/OverviewSD.html
Teacher Copy of: Supply and Demand Interactive Notebook Assignment
Supply
The amount of output available in a
market. It is a quantity of goods that
sellers are willing to sell. The main
determinant of supply is the market
price of the good, and the cost of
producing it. In a graph the curve is
upward sloping.
Lemonade Stand.
Demand
The economic want, backed up with
purchasing power. It is the
different amounts of products that
buyers are willing to buy at different
prices. In a graph the curve is
downward sloping.
Consumers demanding Lemonade.
Equilibrium
The point where supply and demand
meet. It is where there is no surplus
Supply and Demand are equal.
of goods, and no excess demand. It
equates supply and demand.
The “Law” of Supply and Demand
Predicts that the price level will
move to the point that equalizes the
supply of sellers with the demand of
consumers. It can be graphically
depicted.
The Law of Supply and Demand at
work.