The Laws of Supply and Demand

Overview:

This lesson is an introduction to the laws of supply and demand. In this lesson, students will build on basic knowledge of supply and demand by carefully considering the difference between individual and aggregate economic choices. Using the article “McCormick’s Alan D. Wilson on Pricing, Innovation and the ‘Romance of Spice’” students will look at how the larger economy develops from individual actors’ rational economic choices. This lesson will also briefly preview concepts of equilibrium and elasticity (which are both covered in-depth later in this unit).

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

Lesson Plan Details:

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