Students will be able to:
- Differentiate between the concepts of demand and quantity demanded.
- Apply concepts to determine how a change in market conditions affects the demand curve.
In this economics lesson, students will graph changes in demand to learn market force effects.
Ask students to name some of the reasons they might want to purchase a good or a service. Tell them this lesson will help them understand more about consumer behavior by examining the economic concepts of demand and quantity demanded. Explain that better understanding these concepts will help them become more informed consumers when buying goods and services.
Tell students they will be learning how to apply demand concepts to real life situations. Introduce the concepts by showing the following YouTube Video. Use the Demand Shifters slide presentation with notes to help explain the concepts related to demand, quantity demanded, and demand shifters.
Put students into small work groups to discuss a current event that has affected the demand of certain goods or services in a particular market. You may want them to search a credible web site or provide them with a current news story of your choice. Tell them to created a two-minute video summarizing the news story, explaining how the event has affected market demand, and discussing which of the factors caused the shift in the demand curve.
Distribute copies of the worksheet Demand vs Quantity Demanded to students. Explain the assignment and review after the have completed it. Ask students if they have questions about the key concepts presented in the lesson. Remind them that demand looks only at consumers, but it takes both consumers and producers working together to make a market work.
Have students write an Exit Ticket. Distribute a blank index card or sticky note, asking them to write down their biggest challenge in today’s lesson. Use the responses provided to identify topics or concepts that require further reinforcement.
Have students work in small groups to look for advertisements related to demand shifters. For each example they find, they should identify the demand shifter and the resulting change in demand.