Balancing Acts — Finding Equilibrium Price

Overview:

This lesson uses students’ knowledge of supply and demand curves to explain equilibrium prices. Using the Knowledge@Wharton High School article “How Much Did You Spend on Prom?,” students will consider what happens when markets face excess supply and excess demand. In particular, students will take on the role of small business, calculating earnings and losses at different prices.

NBEA Standard(s):
  • Economics, I. Allocation of Resources
  • Economics, IV. Markets and Prices

Lesson Plan Details:

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