Economics: Understanding Supply and Demand

Title: Understanding Supply and Demand

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

Subject: Economics

Summary: This activity will help sixth-grade students understand the basic concepts of supply and demand in economics through a hands-on and interactive project.

Topic: Supply and Demand in Economics

Learning Outcomes:

• Know the definitions of supply and demand
• Understand the relationship between supply and demand
• Apply the concepts of supply and demand to real-life scenarios
• Can create a visual representation of supply and demand

Methodology:

This activity will be conducted in groups of four to five students. Each group will be assigned a specific product to analyze and present their findings to the class. The activity will consist of the following steps:

Step 1: Introduction (15 minutes)

Begin the activity by introducing the concepts of supply and demand. Use real-life examples to help students understand the importance of these concepts in economics.

Step 2: Research (30 minutes)

Assign each group a specific product (e.g., smartphones, sneakers, or video games) and provide them with resources such as textbooks, articles, and websites to conduct research on the supply and demand of their assigned product.

Step 3: Data Collection (30 minutes)

Ask each group to collect data on the current supply and demand of their assigned product. They can use online marketplaces, surveys, or interviews to gather information.

Step 4: Visual Representation (45 minutes)

Using the collected data, instruct each group to create a visual representation (e.g., graphs, charts, or infographics) that illustrates the relationship between supply and demand for their assigned product.

Step 5: Presentation (30 minutes)

Give each group an opportunity to present their findings to the class. Encourage them to explain the factors influencing supply and demand, as well as any trends or patterns they observed.

Resources/Materials Required:

• Textbooks, articles, and websites on economics
• Computers or tablets with internet access
• Chart paper, markers, and other art supplies for visual representation
• Projector or whiteboard for presentations

Instructions:

1. Divide the students into groups of four to five.

2. Introduce the concepts of supply and demand, providing real-life examples.

3. Assign each group a specific product to analyze.

4. Provide resources for research on the assigned product.

5. Instruct the groups to collect data on the current supply and demand of their assigned product.

6. Guide the groups in creating a visual representation of the relationship between supply and demand for their assigned product.

7. Allow each group to present their findings to the class.

Assessment:

Assess the students' understanding of supply and demand through the following criteria:

• Accuracy and completeness of research
• Quality of visual representation
• Clarity and coherence of presentation
• Ability to explain the factors influencing supply and demand

Provide feedback to each group based on their performance and understanding of the concepts.