A Semi-Detailed Lesson Plan in Economics FOURTH YEAR Meriam B. Dangcalan Teacher I.

April 2, 2013 Date 2:00 pm Time

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Objectives a. Answer the Essential Question posted; b. Differentiate the Law of Demand and Law of Supply; c. Plot a graph to show demand curve and supply curve. d. Cooperate & share ideas with the group. Subject Matter Lesson: Law of Demand and Law of Supply Reference: Principles of Economics, Roberto G. Medina, Rx Bookstore Inc., Philippine Copyright, 2003, pp. 29-42 Materials: Paper sheet, Paper strips, chalk & board Procedure A. Routirary Activities  Prayer  Greetings  News Report B. Review C. Motivation  Post the Essential Questions ( let the students answer hypothetically & encourage to verify their answer at the end of the lesson ) D. Presentation  Post the Unlocking keys; Discuss thoroughly E. Discussion  Discuss the Unlocking keys  Discuss the Laws of Demand & Supply  Group the class into two: (Encourage them to cooperate & share ideas) GROUP A – Non Price Determinants of Demand GROUP B – Non Price Determinants of Supply  Have a short debate between two groups about the price.  Let the groups agreed specific price for a good/service.  Discuss Equilibrium, Shortage, and Surplus.

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F. Application  Show problem. Show demand & supply schedule. Let the students plot a graph to shoe demand curve & supply curve. G. Generalization  The market is a powerful mechanism used to provide answers to the fundamental economic problem. The market consists of Buyers & Sellers whose actions & decisions are translated into supply & demand.  Law of Demand states that as price goes up, the quantity of goods & services under consideration tends decrease. Inversely, as the price goes down, the quantity demanded tends to increase.  Law of Supply states that as price goes up, the quantity of goods & services under consideration tends to increase. Inversely, as the price goes down, the quantity supplied tends to decrease. Evaluation Differentiate the following: 1. Law of Demand – Law of Supply 2. Demand Schedule – Supply Schedule 3. Demand Curve – Supply Curve 4. Shortage – Surplus Assignment  Make your own demand schedule & demand curve using your own weekly allowance.