This Episode 2: Demand instructional video also includes:
How do people respond when the price of an item increases? Do they want more or less of that item? Young economists investigate the impact of the law of demand on the economy. A short video highlights the concept of prices in relation to consumer purchases while historians lead a discussion on how higher prices may negatively impact the demand curve.
- Assign short preview reading on the concept of the demand curve
- Create a demand graph with the class using current prices on a single product over the past year (automobiles)
- Lesson is the second in a 10-part Economic Lowdown series
- Lesson is available in podcast form as well as a video
- Includes additional materials in the Econ Lowdown Teacher Portal