Rubber Bands–Price Elasticity 101

Overview:

In this lesson, we look at the economics concept of price elasticity by introducing students to complementary and substitute goods. Using the Knowledge@Wharton article “The Crowded, Caffeinated Soft Drink Sector: Who Will Bubble Up to the Top?” students will think about substitutes and complements from a business perspective. Finally, building on student work, the teacher will introduce the terms inelastic and elastic to describe different types of supply and demand curves.

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

Lesson Plan Details:

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