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Subject: Economics
Semester: 1
Period: 2
Week: 8
School Name:
Teacher’s Name:
Subject: Economics
Grade Level: Grade 10
Week & Period: Week 8, Period II
Date:
Topic: Demand and Supply
Sub-topic: Determinants and Types of Demand & Supply
Learning Objectives:
By the end of the lesson, learners should be able to:
- Identify and explain the determinants of demand and supply.
- Differentiate between types of demand (complementary, competitive, composite, derived).
- Differentiate between types of supply (joint, competitive, composite).
- Illustrate the effects of these determinants on demand and supply curves.
Instructional Materials:
- Demand-supply charts
- Commodity samples (e.g., tea and sugar, pen and ink)
- Flashcards showing types of demand/supply
- Graph paper and markers
Anticipation (Warm-Up Activity):
Ask students:
- “Why do people buy more cold drinks during the dry season?”
- “Why might sugar demand rise when tea becomes cheaper?”
This sparks discussion on factors beyond price that affect buying and selling decisions.
Building Knowledge (Main Lesson):
Determinants of Demand:
Factors that influence demand apart from price:
- Income
- Taste and preferences
- Price of related goods (complements and substitutes)
- Population size
- Expectation of future price
- Advertisement
Example: Increase in population → increase in demand for food.
Types of Demand:
- Complementary Demand – Demand for goods used together (e.g., cars and petrol).
- Competitive Demand – Demand for substitute goods (e.g., butter and margarine).
- Composite Demand – Demand for a commodity used for multiple purposes (e.g., milk for tea, cheese).
- Derived Demand – Demand that depends on another (e.g., demand for tires depends on demand for cars).
Determinants of Supply:
Factors that affect supply apart from price:
- Cost of production
- Technology
- Government policy (taxes, subsidies)
- Weather (especially in agriculture)
- Number of sellers
Types of Supply:
- Joint Supply – Products derived from a single source (e.g., meat and leather from a cow).
- Competitive Supply – Alternatives produced with the same resources.
- Composite Supply – Different sources offering same goods (e.g., wood from different forests).
Activities:
- Class Matching Game: Learners match scenarios to demand types.
- Group Task: Each group draws a graph showing how a determinant shifts demand/supply curve.
- Case Study: Analyze how an increase in fertilizer subsidy affects farm produce supply.
Experiment or Simulation:
Title: The Effect of Advertising on Demand
Materials: Chart papers, sample ads, pretend market setup
Procedure:
- Create two groups: one "advertised" a new product (e.g., energy bar), the other didn't.
- Run a mock market and compare demand in each group.
Observation:
Demand for the advertised product was higher, showing how non-price factors like advertising influence demand.
Assessment Questions (Classwork):
- List four determinants of demand.
- Define complementary demand with one example.
- What is composite supply?
- Differentiate between derived and joint demand.
- List two factors that can cause supply to decrease.
Homework:
- Interview a local business owner to learn what affects their supply levels most.
- Write a paragraph on how weather affects supply of agricultural products.
Expanded Notes:
- An increase in income shifts the demand curve to the right.
- Technological improvements often increase supply by lowering production costs.
- Governments influence both demand and supply through policies like tax and subsidy.
Differentiation:
- Charts and role-play for kinesthetic learners.
- Graph interpretations for visual learners.
- Verbal explanations and interviews for auditory learners.
Teacher’s Reflection:
- Were students able to categorize types of demand and supply properly?
- Did the activities help reinforce understanding of non-price factors?
- How effectively did learners connect theory to real-life situations?