Lesson Plan: Scarcity + Supply & Demand

Subject: Honors Economics Grade Level: High School (9th-12th)

Introduction: - Begin the lesson by asking students if they have ever experienced a situation where they wanted something but couldn’t have it. Discuss their responses and highlight the concept of scarcity. - Explain that scarcity is a fundamental concept in economics, and it refers to the limited availability of resources compared to the unlimited wants and needs of individuals and society. - Introduce the related concepts of supply and demand, explaining that they are the driving forces behind the allocation of scarce resources in a market economy.

Lesson Outline:

1. Scarcity (20 minutes) a. Define scarcity and provide examples to help students understand the concept. b. Discuss the three basic questions that arise due to scarcity: What to produce? How to produce? For whom to produce? c. Show a short video to reinforce the concept of scarcity. Recommended video: “Scarcity: The Basic Economic Problem” (https://www.youtube.com/watch?v=5zE8k9iwuFY)

2. Supply and Demand (30 minutes) a. Introduce the concept of supply, explaining that it refers to the quantity of a good or service that producers are willing and able to offer for sale at different prices. b. Introduce the concept of demand, explaining that it refers to the quantity of a good or service that consumers are willing and able to buy at different prices. c. Discuss the factors that influence supply and demand, such as price, income, tastes, and expectations. d. Show a short video to reinforce the concept of supply and demand. Recommended video: “Supply and Demand Explained” (https://www.youtube.com/watch?v=Rh9q7JkGQqA)

Questioning: - Throughout the lesson, ask students open-ended questions to encourage critical thinking and class participation. Some sample questions include: 1. How does scarcity impact our daily lives? 2. Can you think of any examples where supply and demand have affected the price of a product or service? 3. What factors can cause a shift in the supply or demand curve?

Assessment: - Distribute a worksheet to assess students’ understanding of scarcity and supply and demand. The worksheet should include a mix of multiple-choice, short answer, and application questions. Recommended worksheet resource: “Scarcity and Supply & Demand Worksheet” (https://www.teacherspayteachers.com/Product/Scarcity-and-Supply-Demand-Worksheet-4156787)

Differentiation: - For students who need additional support, provide extra examples and visuals to help them grasp the concepts of scarcity and supply and demand. - For advanced students, encourage them to explore real-world examples of scarcity and analyze how supply and demand affect market equilibrium.

Plenary: - Summarize the key points covered in the lesson, emphasizing the relationship between scarcity, supply, and demand. - Engage students in a class discussion by asking them to share any real-world examples they can think of where scarcity and supply and demand have influenced decision-making or prices. - Encourage students to reflect on how understanding these concepts can help them make informed economic decisions in their own lives.

Note: The provided video and worksheet resources are suggestions and can be substituted with other suitable resources based on the teacher’s preference and availability.