Supply and Demand

$0.00

The lesson introduces students to the concept of supply and demand.  Most students purchase products and services either using parent’s money or an allowance or income they have earned.  It is important for students to understand supply and demand as it relates to the cost of the products they purchase, or the products they wish to purchase in the future.  The lesson may be used in conjunction with a lesson related to handling money, or other similar lessons.

Supply and Demand Lesson Plan Includes:

  • Full Teacher Guidelines with Creative Teaching Ideas
  • Instructional Content Pages about Supply and Demand
  • Hands-on homework activities
  • Answer Keys
  • Common Core State Standards
  • Many Additional Links and Resources
  • Built for Grades 5-6 but can be adapted for other grade levels.

*Note: These lessons are PDF downloads. You will be directed to the download once you checkout. Clarendon Learning resources are FREE, we rely 100% on donations to operate our site. Thank you for your support!

Description

The lesson introduces students to the concept of supply and demand.  Once students start spending their own allowance or income on products they want, it won’t be long before they start to worry about the cost of those items and how they must carefully manage their money.  Understanding the concept of supply and demand as it relates to the cost of the products they purchase, or the products they wish to purchase in the future will help students gain a better understanding of commerce and even capitalism, a life skill they will need forever.  The lesson can be used in conjunction with a lesson related to handling money, or other similar lessons.

Sample Classroom Procedure / Teacher Instruction

  1. Ask students: What are some reasons a company uses to decide the price of a product or service they sell?
  2. Allow for responses and discussion. Ask students what reasons they have for buying products or services.
  3. Allow for responses and discussions. Ask students to give examples of products that are sold for different prices throughout the year.  Ask why.
  4. Allow for responses and discussion. Introduce Supply and Demand.
  5. Distribute Supply and Demand content pages. Read and review the information with the students.  Save the final question for the lesson closing.  Use the additional resources to enhance understanding.
  6. Distribute Activity page. Read and review the instructions.  (Students should be familiar with creating a graph and understanding the slope.)  Allow students time to complete the activity.
  7. Once completed, students share the completed work. Display the correct graphs for students to review the work.  You may also discuss shifts in supply and demand, which would cause a shift in the market equilibrium.  Review the variables which may affect prices, supply, and demand.
  8. Distribute Practice page. Check and review the students’ responses.
  9. Distribute the Homework page. The next day, check and review the students’ responses.
  10. In closing, ask students: What are some products you have purchased or wanted to purchase but the price seemed to be too high?  What do you believe the price was so high?

Common Core State Standards:

CCSS.ELA-LITERACY.RI.5.3, CCSS.ELA-LITERACY.RI.5.4, CCSS.ELA-LITERACY.RI.6.3, CCSS.ELA-LITERACY.RI.6.4

Class Sessions (45 minutes): At least 2 class sessions

Additional Resources: 

Many more teaching resources in Download!

Want more social studies resources? Check out our other Social Studies Lesson Plans!

Additional information

Grade Level

5th Grade, 6th Grade

Subject

Social Studies