Students are introduced to the concepts of supply and demand. Using the Law of Demand and Supply, they develop charts and graphic models of supply and demand. They compare and contrast the behavior of consumers and suppliers when there...

Review and restate the law of supply. In groups, learner practice reading a supply schedule and supply curve. They explain how and why changes in the cost of production change supply, then work together to complete practice problems to...

Students review the law of demand. Using the law, they read a demand schedule and demand curve. They draw their own demand curve from data supplied to them. They identify and explain the four determinants of demand and work together...

Students are introduced to the topic of elasticity. As a class, they identify demand as being either price elastic or price inelastic when given examples. They discover the relationship between percentage changes in the quantity sold...

Students review and discuss the meaning of equilibrium. As a class, they participate in a game of "The Price is Right" in which they guess the true market price of various items. They explain how shortages and surpluses tend to force...