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Economics: Understanding Supply and Demand
Title: Understanding Supply and Demand
Compliance: Common Core State Standards for Mathematics (CCSS-M)
Summary: This activity will help fourth-grade students understand the basic concepts of supply and demand through a hands-on project.
Topic: Supply and Demand
- Know the definitions of supply and demand
- Understand how supply and demand affect prices
- Can create a simple supply and demand graph
This activity will be conducted in three parts: introduction, project, and assessment.
Start by discussing the concepts of supply and demand with the students. Explain that supply refers to the quantity of a product or service available, while demand refers to the quantity of that product or service desired by consumers. Use real-life examples to help students understand these concepts.
Divide the students into small groups and provide each group with a list of common items (e.g., pencils, erasers, notebooks) and their corresponding prices. Instruct the groups to create a supply and demand graph for each item, showing how the quantity demanded and supplied change at different price points.
Encourage the students to discuss and analyze the relationship between supply, demand, and price. They should consider factors such as scarcity, popularity, and availability when creating their graphs.
Once the groups have completed their graphs, have them present their findings to the class. Discuss the similarities and differences between the graphs and facilitate a class discussion on the impact of supply and demand on prices.
For assessment, provide each student with a blank supply and demand graph and a list of items. Ask them to create their own graphs, demonstrating their understanding of the concepts. Review their graphs to assess their comprehension.
- List of common items and their prices
- Blank supply and demand graphs
- Introduce the concepts of supply and demand to the students.
- Divide the students into small groups.
- Provide each group with a list of common items and their prices.
- Instruct the groups to create supply and demand graphs for each item.
- Encourage group discussions and analysis of the relationship between supply, demand, and price.
- Have the groups present their findings to the class.
- Facilitate a class discussion on the impact of supply and demand on prices.
- Provide each student with a blank supply and demand graph and a list of items for assessment.
- Review the students' graphs to assess their comprehension.