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Subject: Economics
Semester: 1
Period: 2
Week: 9
School Name:
Teacher’s Name:
Subject: Economics
Grade Level: Grade 10
Week & Period: Week 9, Period II
Date:
Topic: Demand and Supply
Sub-topic: Supply Schedule, Supply Curve, and Law of Supply
Learning Objectives:
By the end of the lesson, learners should be able to:
- Define and explain the law of supply.
- Draw and interpret a supply schedule and a supply curve.
- Explain the relationship between price and quantity supplied.
- Differentiate between movement along the supply curve and shift of the supply curve.
Instructional Materials:
- Graph paper
- Supply schedule chart
- Colored pencils
- Whiteboard
- Markers
- Sample goods (e.g., fruit, books) for market simulation
Anticipation (Warm-Up Activity):
Pose the question:
- “If the price of bread rises, will a bakery produce more or less?”
This leads into the Law of Supply, which shows that as price increases, quantity supplied increases.
Building Knowledge (Main Lesson):
Definition of Law of Supply:
The law of supply states that the higher the price, the greater the quantity of goods that producers are willing and able to sell, and vice versa, all things being equal (ceteris paribus).
Supply Schedule:
A supply schedule is a table showing the quantity of goods supplied at various prices.
Example: Supply Schedule for Oranges
|
Price (USD) |
Quantity Supplied (Bags) |
|
2 |
10 |
|
4 |
20 |
|
6 |
30 |
|
8 |
40 |
Supply Curve:
A graph derived from the supply schedule. It slopes upward from left to right showing direct relationship between price and quantity supplied.
Label: Vertical axis – Price, Horizontal axis – Quantity
Movement vs Shift in Supply Curve:
- Movement along the curve happens when price changes.
- Shift of the curve occurs due to changes in non-price factors like technology, cost of input, etc.
Example: A decrease in production cost shifts the supply curve to the right.
Activities:
- Learners plot the supply schedule of oranges on graph paper.
- Simulate a market where price increases and learners observe the response in supply.
- Group discussion: factors that could shift the supply curve left or right.
Experiment or Simulation:
Title: Simulated Market Supply Experiment
Materials: Paper tokens, labeled price cards, mock goods (e.g., plastic fruits)
Procedure:
- Assign learners to act as suppliers.
- Present them with different price levels.
- Observe how many items they "supply" at each price.
Observation:
As price increases, suppliers are willing to produce and sell more, confirming the law of supply.
Assessment Questions (Classwork):
- State the law of supply.
- Draw and label a supply curve using the given data:
|
Price ($) |
Quantity Supplied |
|
5 |
50 |
|
10 |
100 |
- What is the difference between a movement and a shift in supply?
Homework:
- Write out five real-life situations where supply could increase or decrease.
- Research and explain how poor weather can affect the supply of agricultural goods.
Expanded Notes:
- The slope of the supply curve is always upward due to direct relation.
- Factors causing shifts include government policy, input costs, labor, technology.
- Vertical supply curve exists for fixed-supply goods like land or art.
Differentiation:
- Supply schedule for analytical learners
- Drawing supply curve for visual learners
- Group role-play for active/kinesthetic learners
Teacher’s Reflection:
- Were learners able to correctly interpret a supply schedule and curve?
- Did learners grasp the concept of shift vs movement clearly?
- How well did the simulation help them connect with real-world economics?