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Unit 2: Lesson 13 - How Markets Allocate Resources
Capstone: Exemplary Lessons for High School Economics - Teacher's Guide
Students read I, Pencil, by Leonard Read, to gain an understanding of Adam Smith's concept of the invisible hand of the marketplace. Students see that a system of market prices brings about cooperation without coercion. Then students use supply and demand analysis to explain how a change in one market tends to affect related markets.
Grade(s): 9-12
Concepts: Complements, Invisible hand of the marketplace, Markets and prices, Secondary effects, Substitutes, Supply and demand

Lesson 18 - How Are Stock Prices Determined?
Learning, Earning and Investing: High School
The students participate in a stock market simulation that shows how the price of a share of stock is determined in a competitive market. Then they analyze what happened in the simulation to learn how stock prices are discovered through supply and demand and not conspiratorially set by authorities.
Grade(s): 6-8, 9-12
Concepts: Demand, Equilibrium price, Shift in demand or supply, Shortage, Supply, Surplus

Lesson 3: Equilibrium: Determining Prices and Quantities
Mathematics & Economics: Connections for Life - 9-12
Supply and demand affect the prices people pay and the quantities they exchange in a market economy. Equilibrium is said to occur at the point at which quantity supplied equals quantity demanded. This point is at the intersection of the supply and demand curves. The point can also be found by solving the equations of the demand and supply curves simultaneously.
Grade(s): 9-12
Concepts: Equilibrium price, Quantity demanded, Quantity supplied, Surplus,

Unit 1: Lesson 3 - The Hula Hoop Market of 1958
United States History: Eyes on the Economy - Through the Civil War
Students discuss a mystery regarding the manufacture of Hula Hoops. Students examine a series of supply and demand diagrams and use them to explain the production of Hula Hoops in 1958.
Grade(s): 9-12
Concepts: Demand, Supply, Market, Price, Incentive, Surplus, Shortage,

Lesson 1: Markets and the Market System
Focus: Institutions and Markets
This lesson introduces students to the primary economic institution in a market economy, markets. As described in the introductory essay to this volume, markets are an institution that emerges spontaneously from the interaction of self-interested buyers and sellers, establishing prices for goods and services that provide key incentives and signals. The first activity in this lesson stresses the ...
Grade(s): 9-12
Concepts: Product markets, Factor markets, Allocative efficiency, Circular flow model, Shortage, Surplus, Market prices, Law of demand, Law of supply,

Lesson 6: Price Controls -- Too High or Too Low
Focus: High School Economics
Sometimes governments interfere with market forces by establishing minimum prices or maximum prices for specific goods and services. Examples of such legal price controls include minimum prices for milk and grain products to help agricultural producers; minimum wage laws in labor markets; and maximum prices for apartment rents, for gasoline in the 1970s, and for many products during World Wars I ...
Grade(s): 9-12
Concepts: Markets, Prices, Supply, Demand, Price ceilings and floors

Unit 2: Lesson 10 - Equilibrium Prices and Equilibrium Quantities
Capstone: Exemplary Lessons for High School Economics - Teacher's Guide
In examining a visual about the market for yo-yos, students think through the process of mutual accommodation among buyers and sellers that results in an equilibrium price. Students then complete an activity plotting supply and demand curves in the market for Frisbees, identifying the equilibrium price and quantity under different conditions.
Grade(s): 9-12
Concepts: Demand, Equilibrium price, Quantity demanded, Quantity supplied, Shortage, Supply, Surplus

Lesson 7 - A Market in Wheat
Economics in Action: 14 Greatest Hits for Teaching High School Economics
Students participate as buyers or sellers in a simulation that shows how a competitive market works. They determine individual profits or losses from market transactions. They use data from the simulation to plot and interpret a graph showing supply and demand. Note: This activity requires a class of at least 20 students to be effective. Up to 50 students can participate if your room is large eno...
Grade(s): 9-12
Concepts: Demand, Market, Market-clearing price, equilibrium price, Shortage, Supply, Surplus

Unit 7: Lesson 18 - Recycling: A Tale of Two Markets
Economics and the Environment
The collection and reprocessing markets for recyclables are described. Students analyze the workings of these markets. Some of the costs of recycling are demonstrated by an activity in which students actually produce some recycled paper.
Grade(s): 9-12
Concepts: Costs, Change in Demand, Change in Supply, Derived Demand, Equilibrium, Price, Market,

Lesson 5: Markets Interact
Focus: High School Economics
Supply and demand analysis is most often used to show the impact of market changes on equilibrium price and quantity for a particular good or service. But it can also be used to show how changes in one market lead to changes in many other markets. Doing that is an important step towards building an understanding of how a system of markets works. It can also demonstrate the inherent difficulty o...
Grade(s): 9-12
Concepts: Equilibrium price, Equilibrium quantity, Supply, Demand, Interdependence,

Lesson 11: What's the right price? (market equilibrium)
Master Curriculum Guide: Economics and Entrepreneurship
Entrepreneurs exist in markets made up of consumers who demand the products that firms supply. The price that competitive firms are able to charge is determined by the interaction of market demand and supply.
Grade(s): 9-12
Concepts: Interaction of Demand and Supply, Surpluses and Shortages, Market Equilibrium, Equilibrium Price, Changes in Equilibrium Price,

Lesson 3: A Classroom Market for Crude Oil
Focus: High School Economics
Every day in communities all around the nation, decisions are made on what goods and services will be produced, how many will be produced and purchased, and at what prices. How are these decisions made? In a market economy there is no central planning committee to answer these basic economic questions. Instead, prices are established through the interaction of buyers and sellers in the marketpl...
Grade(s): 9-12
Concepts: Supply, Demand, Market clearing price, Surplus, Shortage,

Unit 1: Lesson 3 - The Hula Hoop Market of 1958
United States History: Eyes on the Economy - Through the 20th Century
Students discuss a mystery regarding the manufacture of Hula Hoops. Students examine a series of supply and demand diagrams and use them to explain the production of Hula Hoops in 1958.
Grade(s): 9-12
Concepts: Demand, Supply, Market, Price, Incentive, Surplus, Shortage,

Unit 5: Lesson 14 - Buying Environmental Quality at Discount Prices
Economics and the Environment
Students play the role of company representatives and regulators in an attempt to reduce emissions of HW700 (a fictitious pollutant) in the least-costly manner possible.
Grade(s): 9-12
Concepts: Markets, Supply, Demand, Economic Incentives, Cost Effectiveness, Emission Charges, Tradable Permits,

Unit 2: Lesson 7 - A Silver Market
Capstone: Exemplary Lessons for High School Economics - Teacher's Guide
Students participate in a simulation activity that shows how a competitive market works. Although most markets for goods and services are not as competitive as the silver commodity market, the example helps students gain an understanding of how prices are set in any market.
Grade(s): 9-12
Concepts: Choice, Competition, Consumer surplus, Demand, Incentives, Market-clearing price or equilibrium price, Markets, Producer surplus, Supply

Unit 3: Lesson 2 - The Economics of Immigration
United States History: Eyes on the Economy - Through the 20th Century
Students examine a mystery about why Swedish farmers might have come to the Unites States in 1880. They study a series of visuals about the economics of immigration. Finally, they use supply and demand analysis to explain why the king of Sweden attempted to persuade Swedish immigrants to return to Sweden.
Grade(s): 9-12
Concepts: Supply, Demand, Price,

Unit 7: Lesson 5 - Can Higher Prices for Agricultural Products Help the Economy?
United States History: Eyes on the Economy - Through the 20th Century
Students will use graphs depicting supply and demand conditions in the milk market to evaluate the impact of New Deal legislation on the national economy.
Grade(s): 9-12
Concepts: Markets, Supply, Demand, Price, Subsidies,

Unit 6: Lesson 17 - Crying "Wolf!" About Running Out of Natural Resources
Economics and the Environment
Resource "scares" and concerns from the past are compared with today's concerns. Students participate in a "search" game to understand the difference between the amount of a resource which is available and current supply.
Grade(s): 9-12
Concepts: Reserve, Potential Reserves, Reserve/Production Ratios, Price, Substitutes,

Lesson 5: The Gains From Trade
Mathematics & Economics: Connections for Life - 9-12
This lesson is an application of the supply and demand tools developed in lessons 1-4. In the earlier lessons, models of supply and demand were introduced to show students how (equilibrium) prices are determined in markets. This analysis was also used to help students explain factors that caused a variation in market prices because of shifts in supply and/or demand curves. In this lesson, students...
Grade(s): 9-12
Concepts: Supply, Demand, Economic efficiency, Taxation,

Lesson 4: Understanding the Mathematics of Changes in Supply and Demand
Mathematics & Economics: Connections for Life - 9-12
This lesson asks students to look at the factors that cause a change in supply and/or a change in demand. Many factors influence the amount of a product that people are willing and able to purchase at each and every price. Such factors as income, tastes and preferences, the prices of related goods, the number of buyers, and expected future prices influence the demand for a product. When we observe...
Grade(s): 9-12
Concepts: Supply, Demand,

ONLINE LESSONS:

online Rationing Transplants: An Ethical Problem
On November 1, 1999, Walter Payton, former Chicago Bears running back, died waiting for a liver transplant. Payton's death re-opened the nation's attention to the issue of organ donation. The National Organ Transplant Act of 1984 (NOTA) made giving or receiving compensation for organ donation illegal in the United States. Currently in the United States there exists a large shortage of viable organ...
Grade(s): 9-12
Concepts: Demand,Incentive,Market Structure,Scarcity,Supply

online What causes inflation?
This lesson explores different types of inflation and terms associated with this economic concept. You may have heard relatives talk about the good old days when a dollar would buy something. What happened to that dollar? Why won’t it buy as much as it did last month or last year? What happened is inflation. In this lesson you will examine the various causes and theories of inflation as...
Grade(s): 9-12
Concepts: Demand,Incentive,Inflation,Markets,Price,Supply

online Collecting for Fun . . . and Profit?
Art, baseball cards, coins, comic books, dolls, jewelry and stamps are just a few examples of the many things people collect. While some people collect for fun — others hope to profit. In this lesson, students explore how supply and demand influence the price of collectibles. They also evaluate speculation in collectibles as an investment option. They learn that collectibles are one ...
Grade(s): 6-8, 9-12
Concepts: Demand,Investing,Price,Supply,Investment,Risk

online Who Knows What Inefficiencies Lurk in the Hearts of Rent Controlled Housing Markets? The Shadow Market Knows!
Imagine that you've just graduated from college and have been offered a position with a firm in New York City. You can't wait to start living in your own apartment. Your Aunt Bernice, who lives in Brooklyn Heights, has offered you a place to stay while you look for a place to begin living on your own.
Grade(s): 9-12
Concepts: Demand,Housing,Markets,Scarcity,Supply

online Economics in the Headlines
Students learn how to identify headlines in the news and current events as illustrations of problems in supply and demand. Students will be linked to news sites to create their own analysis of supply and demand issues in problems facing our society.
Grade(s): 9-12
Concepts: Demand,Equilibrium Price,Markets,Price,Supply

online I'll Trade You a Bag of Chips, Two Cookies, and $60,000 for Your Tuna Fish Sandwich
Okay, so your tuna fish sandwich probably isn't worth a couple grand. It's most likely made with a type of tuna called albacore. But, on the docks in Tokyo different kind of tuna, related to the stuff in your sandwich, is sold for $70,000 dollars a fish. The Japanese praise the bluefin tuna, or maguro, as a delicacy.
Grade(s): 9-12
Concepts: Consumers,Demand,Equilibrium Price,Producers,Quantity Demanded,Quantity Supplied,Supply,Substitute Good

online What Do People Want to Wear?
To stay in business, fashion merchandisers must be able to anticipate what consumers want. By looking at different retail websites, students will look to anticipate what consumers are demanding. Students will then go through the market scenarios for each product and try to anticipate the effect the scenario will have on the demand and price (assuming constant supply) for the product the...
Grade(s): 6-8, 9-12
Concepts: Demand,Equilibrium Price,Price,Quantity Demanded,Quantity Supplied,Supply

online Using Systems of Equations with Supply and Demand Application
Students are introduced to the concepts of supply and demand. They will construct a supply and demand graph, compute the equations of the lines, utilize a system of equations, and solve the system by the substitution method to confirm the equilibrium point.
Grade(s): 9-12
Concepts: Demand,Equilibrium Price,Supply,Law of Demand,Equilibrium Quantity

online Chevy Volt... It's Electric!
The costs and benefits of owning an electric or hybrid car will be evaluated in this lesson. By reading and researching the history of the production of electric cars, the lesson allows students to understand how this market has developed. Specifically, the evaluation will focus on the Chevy Volt and its attempt to compete in a constantly evolving market of automobiles. Through this lesson, studen...
Grade(s): 6-8, 9-12
Concepts: Choice,Competition,Incentive,Price,Quantity Demanded,Quantity Supplied,Costs,Costs of Production,Operating Costs

online Henry Ford and the Model T: A Case Study in Productivity (Part 3)
When Henry Ford announced he was going to produce an automobile that would be affordable to the masses, it is doubtful even he realized the far reaching impact such an achievement would have on life in the U.S. and eventually, the world. Ford’s use of mass production strategies to manufacture the Model T revolutionized industrial manufacturing and initiated a new era in personal transportati...
Grade(s): 6-8, 9-12
Concepts: Demand,Economic Growth,Entrepreneurship,Equilibrium Price,Markets,Price,Quantity Demanded,Quantity Supplied,Supply,Determinants of Demand,Determinants of Supply,Productivity,Profit

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