Supply and demand is a fun, interactive, and hands on activity that will help your students understand economics on a smaller scale. * Students will be able to answer questions on the worksheet dealing with supply and demand with at least 80% accuracy. Ask students to talk about the activity and what they liked and didn't like. Give examples that covers what happens when 1) there is an increase in demand, 2) demand exceeds supply, 3) supply exceeds demand, and 4) what can cause economic stability. Using real life examples to show these relationships can improve understanding. 3) What was hard about buying or selling? Grade Level: 4th grade. Students will give examples of demand exceeding supply. An increase in supply cause prices to decrease. Teacher will discuss with the students what causes prices to change. They will rotate clockwise until they have been to all four corners. Tim and Moby have no shortage of information on money matters! Car C. Sandwich D. Haircut 7. Performance Objectives: given a specific example, students will explain how price changes as a result of changes in supply and demand, correctly identifying high or low demand. Objective: * Students will be able to list as a group economic goods, economic bads, items that are scarce in our society and factors that affect our economy. Warning - you are about to disable cookies. Using real life examples to show these relationships can improve understanding. Suggested Grades: Second Grade - Third Grade - Fourth Grade - Fifth Grade SUPPLY AND DEMAND LESSON PLAN . Each group will have a different colored pen so it is easy to see what group wrote down what answers. Teacher will ask questions such as: What makes it an economic good? (A) A. Have them answer the following questions: 1) How many apples do you have? Shop the latest street style online now. Why does this particular response affect the changing economy? Lesson - Supply and Demand (see below for printable lesson) Approximately 150 MoneyInstructor-Bucks – … After the students have attended the corners then the last group will look at all the answers and identify the top five responses they like most. Fourth grade P.2 Understand overall supply and demand . Begin by explaining the relationship between customer demand, product supply and price to your students and then have them list some of their favorite products on the board. This would cut down on supply and result in a higher steel price. They’ll be converting fractions, citing money amounts, and even using a number line while playing a dice game. Cover some basic topics with your students. Displaying top 8 worksheets found for - Economics Supply And Demand. (B) A. Then send your curated collection to your children, or put together your own custom lesson plan. * Students will be able to answer questions on the worksheet dealing with supply and demand with at least 80% accuracy. Performance Objectives: given a specific example, students will explain how price changes as a result of changes in supply and demand, correctly identifying high or low demand. Do you want an interactive lesson that puts all the decision making in the palm of your students' hands? Supply is the amount of goods available, and demand is how badly people want a good or service. Show students how fractions are relevant to their own lives with this exercise based on money. Market- a place or service that allows buyers and sellers to exchange goods and services Demand- the quantity of a good or service that consumers are willing and able to buy at a given price during a specific period of time Law of demand- as the price of a good decreases, people buy more Supply- the quantity of a good or service that producers are willing and able to offer at each possible price during a specific period of time Law of supply- as the price of a good increases, producers will offer more Economic good- an economic good refers to goods and services Economic bad- any item for which we would pay to have less of Scarcity- there is not enough of that item to satisfy everyone who wants it Equilibrium- the point at which the quantity demanded equals the quantity supplied at a particular price Surplus- at prices above the equilibrium price the quantity supplied is greater than the quantity demanded Shortage- at prices below the equilibrium price the quantity demanded is greater than the quantity supplied 2. Law of Demand C. Law of Supply D. Equilibrium. It might be necessary to increase the time after rotating a couple of rounds to four-five minutes because it will be harder to come up with answers. Evaluation: Teacher will observe the answers given by the four groups to make sure their responses match the question asked. Teacher will give the students enough time to complete worksheet. Teacher will conclude the lesson in reviewing the vocabulary that was introduced at the beginning of the lesson and ask the students to verbally summarize what supply and demand is and how it affects the consumer. Bookmark this to easily find it later. Price may change when demand, supply, or both change.