Title: Understanding the Law of Demand and Supply

Grade Level: Senior High School

Objectives: 1. Define the Law of Demand and Supply 2. Identify the factors that affect demand and supply 3. Analyze the relationship between demand and supply 4. Apply the Law of Demand and Supply in real-life situations

Materials: - Whiteboard and markers - Handouts on the Law of Demand and Supply - PowerPoint presentation - Real-life examples of demand and supply

Procedure:

I. Introduction (10 minutes) - Greet the students and introduce the topic - Ask the students if they have heard of the Law of Demand and Supply - Explain the importance of understanding the Law of Demand and Supply in economics

II. Lecture (30 minutes) - Define the Law of Demand and Supply - Discuss the factors that affect demand and supply (e.g. price, income, availability of substitutes, etc.) - Analyze the relationship between demand and supply using graphs and charts - Provide real-life examples of demand and supply (e.g. the price of gasoline, the demand for smartphones, etc.)

III. Group Activity (30 minutes) - Divide the class into groups of four - Provide each group with a scenario that involves demand and supply (e.g. a new smartphone is released, a natural disaster affects the supply of a certain product, etc.) - Ask the groups to analyze the scenario and identify the factors that affect demand and supply - Have each group present their analysis to the class

IV. Application (20 minutes) - Ask the students to think of a real-life situation where the Law of Demand and Supply applies - Have the students write a short essay on how the Law of Demand and Supply affects the situation they chose

V. Conclusion (10 minutes) - Summarize the key points of the lesson - Ask the students if they have any questions or clarifications - Encourage the students to apply the Law of Demand and Supply in their daily lives

Assessment: - Group presentation (30%) - Essay (30%) - Participation (20%) - Quiz (20%)

Note: The duration of the lesson may vary depending on the pace of the class.