Objectives:
With this module students will learn about:
College Board Microeconomics Content Area
II . The Nature and Functions of Product Markets
A . Supply and demand
1 . Market equilibrium
2 . Determinants of supply and demand
Georgia Performance Standards:
SSEMI2 The student will explain how the Law of Demand, the Law of Supply, prices, and profits work to determine production and distribution in a market economy.
a. Define the Law of Supply and the Law of Demand.
b. Describe the role of buyers and sellers in determining market clearing price.
c. Illustrate on a graph how supply and demand determine equilibrium price and quantity.
d. Explain how prices serve as incentives in a market economy.
SSEMI3 The student will explain how markets, prices, and competition influence economic behavior.
a. Identify and illustrate on a graph factors that cause changes in market supply and demand.
Web based activities for this Module:
Non-Web based activities for this Module:
Additional Resources for this Module:
With this module students will learn about:
- Law of Diminishing Marginal Utility - understand the law and its significance to economics. Students will use the concept to understand more difficult concepts later in the course.
- Supply and Demand – understand both the concept of each and be able to graph it. Students will understand equilibrium and identify it on a graph.
- Shifts in Supply and Demand – students will understand how economic conditions can cause the supply and/or demand line to shift. Students will evaluate how changes in economic conditions will alter the graph and market prices/quantity.
College Board Microeconomics Content Area
II . The Nature and Functions of Product Markets
A . Supply and demand
1 . Market equilibrium
2 . Determinants of supply and demand
Georgia Performance Standards:
SSEMI2 The student will explain how the Law of Demand, the Law of Supply, prices, and profits work to determine production and distribution in a market economy.
a. Define the Law of Supply and the Law of Demand.
b. Describe the role of buyers and sellers in determining market clearing price.
c. Illustrate on a graph how supply and demand determine equilibrium price and quantity.
d. Explain how prices serve as incentives in a market economy.
SSEMI3 The student will explain how markets, prices, and competition influence economic behavior.
a. Identify and illustrate on a graph factors that cause changes in market supply and demand.
Web based activities for this Module:
- Watch the following videos before class. Mr. Dewar will assign 1 video a night to watch:
- Law of Diminishing Marginal Utility
- Mr. Dewar - Demand
- Mr. Dewar - Supply
- Mr. Clifford - Demand
- Mr. Clifford - Supply
- Mr. Dewar - Shifts in Supply and Demand
- Mr. Clifford - Supply/Demand Shifts
- After viewing each video, take the online video quiz posted in Edmodo.
- Complete the Interactive on Reffonomics.com for Supply and Demand
- Click here to participate in at least 2 of the 4 discussions on the Unit 2, Module 1 Forum
Non-Web based activities for this Module:
- Complete your workbook sections: MB U2L1A9-A11, U2L2A12-A13, MB U2L3A14-A16
- Read Chapter 3 of your textbook - there will be a Reading Quiz, you may use your notes.
- Complete practice graphs that will be distributed in class.
Additional Resources for this Module: