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Subject: Economics
Semester: 1
Period: 2
Week: 11
School Name:
Teacher’s Name:
Subject: Economics
Grade Level: Grade 10
Week & Period: Week 11, Period II
Date:
Topic: Demand and Supply
Sub-topic: Equilibrium Price and Quantity
Learning Objectives:
By the end of the lesson, learners should be able to:
- Define equilibrium price and quantity.
- Explain how equilibrium is determined in a market.
- Illustrate equilibrium using demand and supply curves.
- Analyze the effects of shifts in demand and supply on equilibrium.
Instructional Materials:
- Graph charts
- Supply and demand cards
- Whiteboard and markers
- Real-life market scenarios
- Projector or printed diagrams
Anticipation (Warm-Up Activity):
Ask learners:
"What happens in the market when buyers want more of a product, but sellers aren’t supplying enough?"
Introduce the idea of market balance — equilibrium.
Building Knowledge (Main Lesson):
Equilibrium Price:
The price at which the quantity demanded equals quantity supplied.
Equilibrium Quantity:
The amount of goods bought and sold at the equilibrium price.
Illustration with a Table:
|
Price (USD) |
Quantity Demanded |
Quantity Supplied |
|
10 |
100 |
300 |
|
8 |
150 |
250 |
|
6 |
200 |
200 ← Equilibrium |
|
4 |
250 |
150 |
|
2 |
300 |
100 |
- At $6, demand = supply → equilibrium price
Graphical Representation:
- Draw demand and supply curves.
- Mark the point where they intersect → Equilibrium.
- Show how changes (e.g., increase in demand) shift the curves and change the equilibrium.
Scenarios for Analysis:
- Increase in demand: Price rises, quantity increases.
- Increase in supply: Price falls, quantity increases.
- Decrease in demand: Price and quantity fall.
Activities:
- Role-play: Some students act as buyers and others as sellers. Simulate negotiation until both agree on a price.
- In pairs, create supply-demand tables and find equilibrium.
Experiment (Market Simulation):
Title: Determining Market Equilibrium
Materials: Fake currency, item tags (e.g., rice), buyer-seller slips
Procedure:
- Assign buyers and sellers.
- Sellers choose prices, buyers decide how much to buy.
- Match transactions and record data.
- Identify the price where total demand equals total supply.
Assessment Questions (Classwork):
- Define equilibrium price and equilibrium quantity.
- Use a diagram to show how a decrease in supply affects equilibrium.
- What happens to equilibrium if demand increases while supply stays constant?
Homework:
- Research and write a paragraph on how equilibrium is achieved in a local market (e.g., the price of pepper or rice).
Expanded Notes:
- Excess supply = surplus → price tends to fall.
- Excess demand = shortage → price tends to rise.
- Market equilibrium keeps adjusting based on changes in economic forces.
Differentiation:
- Kinesthetic learners: Participate in market simulation
- Visual learners: Use of supply-demand graphs
- Analytical learners: Table interpretation and curve shifting
Teacher’s Reflection:
- Did students understand the concept of market balance?
- Were they able to draw and interpret supply-demand graphs?
- Could they apply the concept to real-world situations?