U.S. Markets in a Global Setting Combining Supply and Demand‖

Goals & Objectives

Students will explain how supply and demand create balance in the marketplace. Students will compare a market in equilibrium with a market in disequilibrium. Students will identify how the government sometimes intervenes in markets to

control prices. Students will analyze the effects of price ceilings and price floors.

California State Content Standards

12.2.5 Understand the process by which competition among buyers and sellers determines a market price.

12.2.6 Describe the effect of price controls on buyers and sellers.

Common Core Literacy Standards

CCSS.ELA-Literacy.WHST.11-12.10 Write routinely over extended time frames (time for reflection and revision) and shorter time frames (a single sitting or a day or two) for a range of discipline-specific tasks, purposes, and audiences.CCSS.ELA-Literacy.RH.11-12.7 Integrate and evaluate multiple sources of information presented in diverse formats and media (e.g., visually, quantitatively, as well as in words) in order to address a question or solve a problem.

Lesson Introduction (Anticipatory Set/Hook/Accessing Prior Knowledge) ‖ Time: 5 – 10 min.

After grading the students’ assignment packets last week, I noticed that a lot of them were confusing the difference between supply curves and demand curves. So, as a review/re-teach activity, I’m going to give the students personal white boards and markers and have them graph supply curves and demand curves separately. I will give them example numbers for them to create supply and demand schedules with, which they will then graph on their white boards. Once they are done they will hold their white boards up to show me their graphs, and I will be able to check the accuracy of their comprehension.

Vocabulary (Content Language Development) ‖ Time: 5 – 10 min.

The vocabulary terms will be written into PowerPoint slides which will be projected on the screen so all students can see them. I will also verbally explain their definitions and use some examples to help students more clearly understand the concepts. The students will write the vocabulary terms and formal/simplified definitions and examples in their notes. Terms include: equilibrium, disequilibrium, excess demand, excess supply, price ceiling, price floor, rent control, and minimum wage.

Content Delivery (Method of Instruction) ‖ Time: 15 – 20 min.

I will give a brief PowerPoint lecture on the topic of combining supply and demand. I will explain how together they balance the market and that there is a point of equilibrium that is reached. I will also explain what happens when the market is in disequilibrium and how shortages and surpluses can occur. To help me illustrate these concepts, I will be showing the students a short interactive website and interactive supply and demand curve to help them be able to better understand how to read the graph. Finally, I will also explain the concepts of price ceilings and price floors.

I will go over vocabulary as it arises within the lecture and will elaborate on all vocabulary and concepts with several real world examples in order to connect it with the students’ lives. I will also ask comprehension questions throughout the lecture in order to monitor student progress.

Once the lecture is completed, I will have the students complete an activity for their unit packets which will require them to create their own supply and demand schedules and curves with a partner.

Student Engagement (Critical Thinking & Student Activities) ‖ Time: 15 – 20 min.

The students will use their individual white boards to practice creating supply and demand curves and will take notes during the lecture, making sure to record examples and vocabulary. In addition, they will respond to any comprehension questions given during the lecture.For the activity, the students will work with a partner to create a supply and demand schedule and curve. They will each need to record their data on their own sheets of paper. They will first need to create a product and then create a supply and demand schedule with 8 different prices. Next, they will need to graph their schedules making sure to properly identify and label the equilibrium point and list the price ranges for a surplus and shortage, as well as identifying and labeling the proper areas of surplus and shortage on the graph. Finally, they will need to create a realistic scenario illustrating either excess demand or excess supply for their product and what would occur if demand increased but prices did not also rise and what would occur if supply increased but prices stayed the same.

Lesson Closure ‖ Time: 2 – 3 min.

I have 1 or 2 groups of students who didn’t get a chance to present their group stocks last Friday, so I will take the last few minutes of class to have those groups come up and present for this week’s credit.

Assessments (Formative & Summative)

Student responses during discussion/question portions and during whiteboard review/practice will serve as an informal formative/progress monitoring assessment. I will

also be roaming around the room to informally assess student responses to their activity; this will also serve as a progress monitoring assessment.

Accommodations for English Learners, Striving Readers and Students with Special Needs

These students will be provided with a printed copy of the lecture notes and a graphic organizer of the vocabulary. The use of the interactive website and supply and demand curve will give these students additional visual comprehensible input to assist in their comprehension of the content. The use of the whiteboards to practice and review supply and demand curves will also give these students additional scaffolding of the material.

Resources (Books, Websites, Handouts, Materials)

Ch. 6 Sect. 1 of Prentice Hall Economics: Principles in Action, PowerPoint, individual white boards, white board markers, white board erasers, https://americanheritage.byu.edu/Pages/GamesandActivities/Games-and-Activities.aspx