the law of supply and demand assignment active

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Law of demand lesson plan.

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This 45-minute interactive lesson (in Google-Docs format) introduces the Law of Demand by engaging students with the media they use everyday, like our short instructional video on the demand curve.  

But that's not the only way this lesson connects the demand curve to your students' lives: with current events, graphing exercises, and interactive games, this lesson keeps your students on their toes from the moment the bell rings to the time they turn in their exit ticket.

And of course, this step-by-step lesson has everything you need to use it immediately, including activity sheets, Google slides, and answer key. We also add ways for you to tailor the lesson to your class by providing additional resources like assessment questions, teacher tips, and engaging extension activities. And it's part of a 5-day unit on supply, demand, and equilibrium that is also chock full of engaging activities! Access it here .

Key economic concepts: quantity demanded, price, demand schedule, demand curve, law of demand, substitutes

Want the full unit on supply, demand, and equilibrium? Check it out here !  

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Academic level, applicable courses.

• CEE Voluntary National Content Standards in Economics (Standard 8: Benchmark 12:1)

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Thanks for this well-conceived, timely and relevant lesson plan. I will follow-up with more direct feedback when I use it in my 12th grade general econ courses.

Thanks for the resources (╬▔皿▔)╯:D

Thanks for the great lesson.

Looks Great Thanks

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What is the law of supply and demand? Answer: The law of supply and demand is a basic principle in economics that states that the price of a good or service will tend to rise when its demand increases and supply decreases, and conversely, the price will tend to fall when its demand decreases and supply increases. Analysis: The law of supply and demand is very important in determining the market price of a good or service. If supply is greater than demand, prices will fall as sellers will compete to attract buyers. Conversely, if demand is greater than supply, prices will rise as buyers will compete to buy fewer goods or services.

What is the effect of taxes on the market? Answer: Taxes can shift the supply curve to the left, as the cost of production increases when taxes are imposed on sellers. This can result in prices rising and quantity traded falling, as producers tend to reduce production if costs rise. Analysis: Taxes can affect the market by reducing the quantity traded and changing the price paid by consumers and received by producers. If a tax is imposed on sellers, supply will decrease as production costs increase, and this can lead to higher prices for consumers and a lack of goods available in the market.

What is price elasticity of demand? Answer: Price elasticity of demand is a measure of how sensitive demand is to price changes. If the price elasticity of demand is high, it means that if the price increases, the amount demanded will decrease significantly, while if the price elasticity of demand is low, it means that if the price increases, the amount demanded will decrease slightly or not at all. Analysis: Price elasticity of demand is very important in understanding consumer behavior in the market. If consumers are highly sensitive to price changes, then producers will not be able to raise prices significantly without reducing sales. Conversely, if consumers are less sensitive to price changes, then producers can raise prices more without reducing sales.

How does an increase in the minimum wage affect the labor market? Answer: An increase in the minimum wage may reduce the quantity of labor demanded by employers, as labor costs increase. This may result in increased unemployment if there are more workers available than required by employers.

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Course : Economics (ECO 6574)

University : american baptist college.

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