Objectives:
Understand the basic concepts of supply and demand.
Analyze how changes in supply and demand affect market outcomes.
Apply the concepts of supply and demand to real-world situations.
Materials:
Whiteboard and markers
Handout on supply and demand basics
Worksheet with practice problems
Game of Thrones clip (Season 1, Episode 4). Link here.
Procedures:
Introduction (10 minutes)
- Ask students if they have ever experienced a situation where they wanted to buy something but it was sold out or too expensive.
- Introduce the concept of supply and demand and explain that it is the foundation of how markets work.
- Distribute the handout on supply and demand basics.
Instruction (25 minutes)
- Discuss the basic definitions of supply and demand, and how they interact to determine the equilibrium price and quantity in a market.
- Use the whiteboard to draw a supply and demand graph and demonstrate how changes in either supply or demand can affect the equilibrium point.
- Show the Game of Thrones clip and explain how it illustrates the concept of an increase in price when demand exceeds supply.
- Discuss other examples of peak pricing, such as big sporting events and ride-share apps during peak times.
Application (20 minutes)
- Distribute the worksheet with practice problems, which asks students to analyze different scenarios and identify the effects on supply, demand, price, and quantity.
- After completing the worksheet, have students share their answers with the class and discuss their reasoning.
Conclusion (5 minutes)
- Summarize the key takeaways of the lesson, emphasizing the importance of understanding supply and demand in making economic decisions.
- Ask students if they have any questions or if there are any areas they would like to explore further.