Lesson
Prices and Value
Guiding question
How does the laws of supply and demand impact an economy?
Prices are created through interactions between sellers and buyers. Supply (sellers) and demand (buyers) is the first, most recognized model in economics. Demand represents the various numbers of items that consumers are willing and able to purchase at a series of different prices at a particular point in time.
Guiding Questions
- How does the laws of supply and demand impact an economy?
- How is an unregulated economy influenced by such laws?
Objectives
- Understand the laws of supply and demand.
- Analyze the impact that the laws of supply and demand have on an unregulated economy.
- Evaluate the effectiveness of an unregulated economy to determine if and when government intervention is necessary.
Materials
Educator Resources
Student Handouts and Materials
- Handout A: Trading Game Score Sheet
- Handout B: Theories of Value
- Handout C: What Creates Value?
- Handout D: Excerpts from I, Pencil
- Handout E: I, Pencil Essays
- A candy bar or other desirable and affordable object, like a certificate for extra credit points.
Lesson Components
ActivityHandout B: Theories of Value
ActivityHandout C: What Creates Value?
ActivityHandout E: I, Pencil Essays
Lesson plan
Click a phase to open it
Key Terms
- property
- Law of Demand
- Law of Supply
Standards
Related materials
EssayEssay: Prices and Value
Prices are created through interactions between sellers and buyers. Supply (sellers) and demand (buyers) is the first, most recognized model in economics. Demand represents the various numbers of items that consumers are willing and able to purchase at a series of different prices at a particular point in time.