Title: Understanding Supply and Demand

Grade Level: 9th-12th grade

Duration: 3-4 class periods

Objective: Students will be able to understand the concepts of supply and demand, and how they interact to determine market equilibrium, through the 5E model.

Materials: - Whiteboard or blackboard - Markers or chalk - Handouts with graphs and scenarios related to supply and demand - Computer with internet access (optional)

Engage (15 minutes): 1. Begin the lesson by asking students if they have ever experienced a situation where the price of a product increased or decreased significantly. Discuss their experiences and ask them to speculate on the reasons behind these price changes. 2. Introduce the concept of supply and demand by writing the terms on the board. Ask students if they have heard of these terms before and if they can provide a basic definition for each. 3. Show a short video or present a real-life example that demonstrates the impact of supply and demand on prices. Discuss the video or example with the class, highlighting the key points.

Explore (30 minutes): 1. Divide the class into small groups and provide each group with a handout containing a graph and a scenario related to supply and demand. Instruct the groups to analyze the graph and scenario, and discuss the following questions: - What is the relationship between price and quantity demanded? - What is the relationship between price and quantity supplied? - How does the interaction between supply and demand determine market equilibrium? 2. After the groups have had time to discuss, bring the class back together and have each group share their findings. Facilitate a class discussion to ensure understanding and address any misconceptions.

Explain (30 minutes): 1. Using the information gathered from the previous activity, provide a more detailed explanation of supply and demand. Discuss the factors that influence supply and demand, such as changes in consumer preferences, production costs, and government policies. 2. Use visual aids, such as graphs or charts, to illustrate the concepts of supply and demand. Explain how shifts in the supply and demand curves can lead to changes in equilibrium price and quantity. 3. Provide additional examples and scenarios to reinforce the concepts. Encourage students to ask questions and participate in the discussion.

Elaborate (45 minutes): 1. Divide the class into pairs or small groups and assign each group a specific product or service. Instruct them to research and gather information about the factors that affect the supply and demand of their assigned product or service. 2. Have each group present their findings to the class, discussing the factors that influence supply and demand, and how these factors impact the market for their product or service. 3. Facilitate a class discussion to compare and contrast the different products or services, and the factors that affect their supply and demand.

Evaluate (15 minutes): 1. Distribute a short quiz or worksheet to assess students’ understanding of supply and demand concepts. 2. Review the quiz or worksheet as a class, addressing any questions or concerns that arise. 3. Provide feedback and clarification as needed, and encourage students to seek further understanding if necessary.

Extension: 1. Assign a project where students analyze current market trends and predict how changes in supply and demand might impact prices and quantities in the future. 2. Have students research and present case studies of real-world examples where supply and demand dynamics have influenced market outcomes. 3. Explore the concept of elasticity of demand and supply, and how it affects the responsiveness of quantity demanded or supplied to changes in price.