Lesson Plan: Introduction to Demand and Supply

Grade Level: Olevels (14-year-old Pakistani students) Subject: Economics Duration: 40 minutes

Objective: - Understand the basic concepts of demand and supply - Identify factors that influence demand and supply - Analyze the relationship between demand and supply - Apply the concepts of demand and supply to real-life scenarios

Materials: - Whiteboard or blackboard - Markers or chalk - Handouts with demand and supply graphs - Worksheets for written task - Computer or projector for video

Procedure:

1. Starter Activity (5 minutes): - Begin the lesson by asking students to define the terms “demand” and “supply.” - Write their responses on the board and discuss their understanding of these concepts. - Introduce the concept of demand and supply by explaining that they are fundamental economic principles that affect the prices and availability of goods and services.

2. Introduction to Demand and Supply (10 minutes): - Use the whiteboard or blackboard to draw a demand and supply graph. - Explain the concept of demand, emphasizing that it represents the quantity of a good or service that consumers are willing and able to buy at a given price. - Discuss the factors that influence demand, such as price, income, tastes and preferences, and the prices of related goods. - Introduce the concept of supply, highlighting that it represents the quantity of a good or service that producers are willing and able to sell at a given price. - Discuss the factors that influence supply, including price, production costs, technology, and government regulations.

3. Hands-on Activity (10 minutes): - Divide the students into pairs or small groups. - Distribute handouts with demand and supply graphs. - Provide them with a scenario, such as a decrease in the price of smartphones, and ask them to analyze the impact on demand and supply. - Instruct them to plot the changes on the graphs and discuss the effects on equilibrium price and quantity. - Encourage students to think critically and justify their answers.

4. Written Task (10 minutes): - Distribute worksheets with questions related to demand and supply. - Ask students to answer the questions individually. - Collect the worksheets for assessment purposes. - Review the answers as a class, providing explanations and clarifications as needed.

5. Wrap-up Activity (5 minutes): - Summarize the key points discussed during the lesson. - Ask students to share any questions or concerns they may have about the topic. - Address their queries and provide additional examples to reinforce understanding.

6. Extension Task (5 minutes): - Show a short video clip related to demand and supply, such as a news report on changing market conditions or a case study of a specific industry. - After watching the video, ask students to discuss in pairs or small groups how the concepts of demand and supply were illustrated in the video. - Encourage them to analyze the impact on prices, quantities, and market equilibrium.

Note: The duration of each activity can be adjusted based on the pace of the class and the level of engagement.