# Lesson: Supply and Demand

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### Lesson Objective

SWBAT demonstrate the relationship between supply and demand.

### Lesson Plan

 Teacher: G. Newman Date:  Day 4 Subject: Social Studies Class:  3rd Grade AIMS SWBAT demonstrate the relationship between supply and demand. EXIT SLIP Everybody wants an Xbox 360 but only a small number were made in the first year it was released. The supply is __________________. The demand is _______________. Therefore the price can be: Low                 High Visual Anchor   Vocab and mini-lesson blanks. HOMEWORK   Reading w/ MC questions 1) Quick Questions 2) Hook “In my hand are 10 pieces of candy (individually wrapped: mini snickers, Hershey’s kisses, etc). Raise your hand if you want a piece? Ahah, almost everyone raised their hand. There is a high demand or want for these candies!” Do I have a lot of candies, enough for everyone? So I don’t have a lot which means my supply is low. Hmm well, since soooo many people want these, and there aren’t that many, you’ll do a lot or pay a lot for them. Maybe someone will do 10 jumping jacks for a piece. Maybe that price is too low, anyone willing to pay the price of 20 jumping jacks?”   “Now scholars, you just saw one of the most important lessons in economics called supply and demand. Depending on how much there is of something, and how bad people want it, the price will change.” 3) Students go over the AIMS 4) Mini-Lesson / Modeling (“I” or “I/We”) 5-15 minutes   Let’s take a look at our vocab for the day: Supply is how much of something is available. For example, if you have 9 baseball cards, then your supply of baseball cards is 9. If you have 6 apples, then your supply of apples is 6. Demand is how much of something people want. It sounds a little bit harder to measure, but it really isn't. To measure demand, we can use a very simple numbering system, just like the supply one. If 8 people want baseball cards, then we can say that the demand for baseball cards is 8. If 6 people want apples, then we can say that the demand for apples is 6. When lots of people want something, demand goes up. When a few people want something, demand goes down.   When there is a lot of something, supply is high When there is only a little bit of something, supply is low.   Here is the tricky part. The price of something will depend on the supply and demand. Imagine there is a new video game that everyone is talking about. Everyone wants to get it, but the store is running out. Demand is high, but supply is low. Well you will start to worry you won’t get one at all. You start feeling almost like you would do anything to get it, right? Even pay more? People are willing to pay more for things they want that are hard to get. In this case, the store is going to charge more (or raise the price) because so many people want something there isn’t a lot of.   The same is true in reverse, if demand is low (nobody wants it), but supply is high (there are a lot to sell) the store is going to lower a price and hope people buy it because it’s a bargain! 5) Guided Practice (“We”) 5-20 minutes   Mr. Newman has a big bag of M&M’s. He is selling 1 M&M at a time to scholars. There is more than enough for everyone to get an M&M. There is still a demand for M&M’s but not as many people want them as the candies from before.   The supply is _________________. The demand is _______________.   Therefore the price can be:              Low                             High 6) Check for Understanding   Experiment # 2   Ms. Marotta has a huge bag of dental floss. She is selling each container of floss to scholars at AFBES.  She has over 500 containers, more than all of the scholars and teachers combined. It seems however that nobody wants to buy their floss from Ms. Marotta.   The supply is __________________. The demand is ________________.   Therefore the price can be: Low                             High 7) Independent (or pair / small group) Practice (“You”): 15-25 minutes   Experiment # 3, #4, #5, # 6, #7 Challenge 9) Go over the night’s HOMEWORK assignment (on the board):  30 seconds – 2 minutes 10) Exit Slip / Final Assessment of FIRM MASTERY of the Aim:  1-5 minutes Lesson Reflection What percentage of students mastered the aims: _____ Did at least 85% of students master the aim? If not, why not? What are the common errors students are making? Did students get enough successful “at bats” … Were there at least 15 minutes of successful independent practice? If not, how could you have structured the class to get more successful practice? How will I need to change my lesson plans for tomorrow (and beyond) based on today’s lesson? What could I have done differently to get a higher % of mastery or more successful practice?

### Lesson Resources

 G3 Unit6 Economics Day 4 Supply Demand 6,616