General Information
Title: Supply and Demand
in the Production Cycle
Subject Area: Social
Studies/Economics
SOL 7.6 - Virginia Standards
of Learning
The Students will explain the
structure and operation of the United States economy as compared with other
economies, with emphasis on:
-
the basic concepts of free market,
as described by Adam Smith, and of communism, as described by Karl Marx;
-
the concepts of supply and
demand, scarcity, choices, trade-offs, private ownership, incentives, consumer
sovereignty, markets, and competition;
-
private and public financial institutions
-
the economic impact of consumption,
saving and investment, and borrowing by individuals, firms and governments;
and
-
the differences between free market,
centrally planned, and mixed economies.
Grade Level: 8
Lesson Topic: Supply
and Demand
Descriptive Overview:
Using teamwork, decision making skills, and knowledge of supply and demand,
the students will choose a product and plan the process for manufacturing,
distributing, and marketing/selling the product.
Advantages of Medium:
Not applicable
Lesson Specifics
Lesson Objectives/Goals:
The student will:
-
determine what and how much of
a product should be produced
-
explain how changes in factors
of production affect supply and demand
Assumed Skills or Prerequisite
Skills:
-
Students must be familiar with
supply and demand concepts.
-
Students must be able to develop
a supply and demand curve from the appropriate economic schedule.
Learning Environment:
-
Classroom setting
-
One computer with power point
capabilities.
Instructional Set
Review factors of production.
Students will choose a product to sell and decide what is necessary to
reach that point. They must then divide into groups, each with a assigned
phase of the process (see the
Business Plan Worksheet), then decide what requirements each phase
must meet to reach the goal.
Gaining Attention: Not
applicable
Orienting the Lesson:
Not applicable
Stimulating Recall of Prerequisites:
Not applicable
Key Questions:
-
How will the teams be developed?
-
Who will do what within the teams?
-
What is each teams responsibility?
-
What is the ultimate goal?
-
How does supply and demand fit
into the process?
Teaching Strategies
-
Divide students into cooperative
groups.
-
Distribute Business
Plan Worksheet.
-
Students will choose a product
to sell and decide what is necessary to reach that point. Each group member
will be assigned a phase of the process, then decide what requirements
each phase must meet to reach the goal.
Terminology/Vocabulary:
Not applicable
Practice: The teacher
will assist the students in developing a large flowchart (link to text)
for their tasking. The students will then use their portion of the flowchart
as they make the decisions within their group.
Assessment: Complete
Product
Assessment Worksheet.
Enhancements
Invite an executive of a local
business to discuss with students the process that was necessary to develop,
finance, and build their business.
Extensions
Not applicable