Submitted By:Michael Ryan Moore, University of Pennsylvania, GSE
Grade Level(s):9, 10, 11, 12
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.
Economics, I. Allocation of Resources
Economics, IV. Markets and Prices
Lesson Plan Details:
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