Economics Activity: Understanding Supply and Demand

Title: The Economics of Supply and Demand

Compliance Standard: Common Core State Standards for Mathematics (CCSS-M)

Subject: Economics

Summary: This activity engages eleventh-grade students in understanding the fundamental concepts of supply and demand through a hands-on simulation and analysis.

Topic: Supply and Demand

Learning Outcomes:

• Know the definitions of supply and demand
• Understand the factors that influence supply and demand
• Apply the concepts of supply and demand to real-world scenarios
• Analyze the effects of changes in supply and demand on market equilibrium
• Can create and interpret supply and demand curves

Methodology:

This activity will be conducted in three stages: introduction, simulation, and analysis.

Stage 1: Introduction (30 minutes)

1. Begin by providing a brief overview of the concepts of supply and demand, using real-world examples to illustrate their importance.
2. Engage students in a class discussion to ensure their understanding of the basic definitions and factors that influence supply and demand.

Stage 2: Simulation (60 minutes)

1. Divide the class into small groups and provide each group with a set of materials, including colored cards, markers, and a large poster paper.
2. Explain the simulation activity: Each group will be assigned a specific product (e.g., smartphones, sneakers, or coffee) and will act as both buyers and sellers in a market.
3. Ask each group to determine the quantity they are willing to buy or sell at different price levels, and have them create supply and demand curves on the poster paper using the colored cards and markers.
4. Once the curves are completed, have each group present their findings to the class, explaining the factors that influenced their decisions.

Stage 3: Analysis (30 minutes)

1. Lead a class discussion to analyze the results of the simulation activity.
2. Ask students to identify any patterns or trends they observed in the supply and demand curves across different groups and products.
3. Guide students in understanding how changes in supply and demand affect market equilibrium and prices.
4. Assign a follow-up writing assignment or quiz to assess students' understanding of the concepts covered.

Resources/Materials Required:

• Colored cards
• Markers
• Large poster paper

Instructions:

1. Begin by introducing the concepts of supply and demand, using real-world examples to illustrate their importance.

2. Divide the class into small groups and provide each group with the necessary materials.

3. Explain the simulation activity and ask each group to determine the quantity they are willing to buy or sell at different price levels.

4. Have each group create supply and demand curves on the poster paper using the colored cards and markers.

5. Once the curves are completed, have each group present their findings to the class.

6. Lead a class discussion to analyze the results of the simulation activity.

7. Assign a follow-up writing assignment or quiz to assess students' understanding of the concepts covered.

Assessment:

Assess students' understanding of the concepts covered through the following methods:

• Class participation during the introduction and simulation stages
• Quality and accuracy of the supply and demand curves created by each group
• Contribution to the class discussion during the analysis stage
• Performance in the follow-up writing assignment or quiz