Gaming the System — Playing with Supply and Demand

Overview:

In this lesson, students will reason about supply and demand relationships by playing an economic game inspired by Cyril Morong. This game combines previous lessons on: the laws of supply and demand, shifts in supply and demand, equilibrium prices, and elasticity. In the game, students will work as buyers and sellers to maximize their individual profits. Based on the aggregate of individual decisions, the class will create its own supply and demand curves.

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

Lesson Plan Details:

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