Standard Based Lessons
Economics Standard Based Lesson
National Standard 8: Role of Price in Market System
Prices send signals and provide incentives to buyers and sellers. When supply or demand changes, market prices adjust, affecting incentives.
State Standard 12.4.21 Students will explain how forces of supply and demand in a market system answer basic economic questions, such as what to produce; how to produce; and for whom to produce.
Outcomes:
Describe the relationship between price and quantities demanded.
Construct a demand schedule for a product.
Analyze reasons (incentives) for the inverse relationship between price and quantity demanded.
Survey a group to determine their willingness to purchase a product.
Explain how changes in price affect buying decisions.
Define demand and determine how this affects the answering of questions what, how and for whom will the product be produced?
Formative Assessment:
Written--- Jump Start-- On a 3x5 card students list three things they have purchased in the last week. Explain why you purchased the brand that you did. Does the price of an item affect your decision to buy it? (Pick up and briefly assess while orally discussing.)
Oral --Discussion of the class on whether the pice affects their purchase. (Look for prior knowledge of demand)
Teacher Methods:
Jumpstart for easy pre-assessment.
Define outcomes at the beginning of class and review during closure.
Use student activity for active participation in defining law of demand.
Visual representation as well as modeling as the teacher and student construct the demand curve using the information from the graph.
Summarize and notetaking for definition of Law of Demand and how there exists an inverse relationship.
Closure and Summative Assessment with various questions.
Cooperative learning for extenstion activity.
Student Activities:
Activity--Pick 4 types of beverages and have signs for each placed on various walls. Tell each student they have $3.00 Each beverage will cost $1.00. Have the students stand under the beverage they prefer to buy. Then have them indicate how many they would buy.
Use the the most frequently chosen beverage to develop a demand schedule on the overhead, recording the price and number of containers students were willing to buy.
Raise the price of the popular beverage leaving the others the same. Ask students to move to their choice. Record the quantity demanded at this price.
Notetaking during the definition and discussion of the Law of Demand. and inverse relationship between price and quantity demanded.
Activity - Students construct a graph creating a demand curve. (Teacher constructs on the overhead at the same time)
Answer closure questions such as: What does the graph represent? What does the curve look like? Why is the curve downward sloping? What kind of relationship is this? What do we call this inverse relationship? What happens if the price is set too high? How does this affect what is produced in our society? and Which picture of demand is easier to understand, the table or the graph?
Summative Assessment: Divide the students into 3 groups. Each group decides on a product for the class to sell. Write an advertisement and establish a price. Have students interview classmates, family and friends to collect data on quantities they would purchase. Compile the data and have students write a paragraph describing the demand for the product.
Have students write a paragraph describing a time when a change in price affected their buying descisions. Also describe how this would affect what, how and for whom products are produced?
Criterion For Outcome:
Group project rubric-- Points for completion of survey, compliing data, 3 points describing demand and examples in the paragraph.
Individual paragraph rubric--Points for description of price affecting a personal buying decision, description of how it would affect what is produced, how it is produced and for whome it is produced. Also points for correct grammar and spelling.
Resource:
Focus Middle School Economics @National Council on Economic Education, New York, NY.
Johnson Brock Public Schools | 310 Main Street | Johnson, NE 68378
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