Supply and demand
Supply and demand

Supply and demand

I can define supply and demand and explain how they are related to one another.

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General

Students learn about supply and demand and how they can affect whether prices will go up or down. They will go through different scenarios and finish with a fun auction at the end of the lesson.

Learning Objective

Students will be able to explain the relationship between supply and demand.

Introduction

Students begin by discussing a brand new video game. Do a lot of kids want this game? Why do they want it? Will they have to pay a lot of money to buy this game? Have them explain their thinking. Explain that it’s important to learn about supply and demand because it helps us understand why some things are easier to obtain than others. Review producers and consumers before going into supply and demand.

Instruction

Define “supply” for the class and provide an example. Have students observe the image on the board and decide which items have a high supply and which have a low supply. Then define “demand” and ask students to think of an item in high or low demand. Explain that an increase in demand leads to an increase in supply while a decrease in demand leads to a decrease in supply. Have students read different scenarios and determine the situation. Is there a high demand and low supply, or low demand and high supply? Next, explain how supply and demand affect prices and have students answer questions about different scenarios. Read different examples and determine if the price of the product will go up or down.

Quiz

Check student understanding with ten true or false and multiple-choice questions. Students will choose either “supply” or “demand” to complete various statements.

Closing

To conclude, students will take part in a classroom auction. Come up with some items that will excite students as well as items that are not as exciting. Items might include specific video games, books, candy, toys, or clothing items. Assign the same amount of money to each student. You can use fake money for this or just give students a number. Have students bid on these items with their fake money. When they finish, ask them which items sold for the highest prices and which sold for the lowest. Why do they think this happened?

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