Supply & Demand Shifts

Tuesday, March 14th, 2023

Economics
Supply & Demand Shifts

Overview
Timeframe: 75 minutes
General Focus: We will learn what factors shift both supply and demand, their impact on equilibrium prices, and how to represent that on the supply and demand curves.

Standards
9-12.E.3.1.1 Apply the concepts of supply and demand, scarcity, and opportunity costs, and explain their implications in decision making.
9-12.E.3.1.2 Identify ways in which the interaction of all buyers and sellers influences prices.
9-12.E.3.1.5 Create and interpret graphs that model economic concepts.

Objectives
Students will be able to (SWBAT):
Identify and explain factors that shift demand
Identify and explain factors that shift supply
Illustrate shifts on the demand and supply curves
Explain how shifts in the demand and supply curve effect equilibrium price
Explain the difference between movement along the supply and demand curves and shifts of the supply and demand curves

Outcomes: What Measures the Objectives Have Been Met?

Students will demonstrate competency by:
Completing the padlet assignment will demonstrate student's competency of the three factors that shift the demand curve, the three factors that shift the supply curve,
how each shift effects the equilibrium price, and how to illustrate that shift on a graph.
Sharing ideas that their group came up with during the class discussion regarding shifts in demand or supply (depending on their grouping) will demonstrate
competency in being able to classify real-life examples into one of the categories.
Completing and turning in the exit ticket will show competency in differentiating between shift of the curves and movement along the curves.

Prior Knowledge
Past concepts taught regarding markets, supply, demand, and the supply and demand curves.
Students may have intuitive ideas as consumers about what impacts their choices and demands, and what factors influence the supply of goods they consume (such as
the recent increase in gas prices).

Academic and Content Language

Reinforced vocabulary: demand, supply, consumer, seller, market, law of supply, law of demand, supply curve, demand curve, market price, equilibrium
see chapter 2 quizlet: https://quizlet.com/775995043/economics-through-everyday-life-chapter-2-flash-cards/?new
New vocabulary: complementary goods, substitute good, preferences/taste
I anticipate that some students may struggle with the idea of complementary and substitute goods, especially if there are cultural differences because students may
use goods differently. I plan to overcome this by using examples that I think are the most common and relational such as milk and cereal being complementary
goods, and different types of apples for substitute goods. I will also ask students to provide examples in their everyday life and discuss what category they would
fall into.
I anticipate that there may be some challenges with preferences/taste and understanding how they can differ among people and taste does not actually have to do
with food/eating. I will prompt them with questions such as do you prefer nike or underarmour? Pants or shorts?

Anticipated Areas of Misunderstanding

A common area of misunderstanding when discussing supply and demand shifts is the difference between a shift of the curve and movement along the curve (due to
change in price). This is addressed in the pre-work video, and I will also discuss it during the warm up
To make sure that I know students recognize the difference, I will include a question on the exit ticket about it.

Procedures
Pre-work: https://www.youtube.com/watch?v=kIFBaaPJUO0&t=10s
Watch this video for an introduction of shifts in supply and demand, as well as noting the difference between shifts of the curves and movement along the curves.
Engage
Starter (5 minutes) I will have a blank supply and demand curve on the board and will have students come up and label the various parts.
Direct instruction/discussioninstruction (10 minutes)
I will draw a demand curve on the board. I will try to draw on students prior knowledge and prework by asking: What can cause a demand curve to shift left or
right? I will be looking for the ones discussed in the videos (changes in price of inputs, changes in technology, changes in price of other goods) As they come up I will
correct them if needed and reinforce them. If students do not immediately remember or come up with them, I will prompt them with questions that lead them to
them such as (what if it costs more money for the sellers to make them?)
I will use the same technique for the supply curve. Continuing to prompt students to activate their knowledge about the video they watched or prompting them
with questions that relate to their lives as consumers (i.e. it was just your birthday and you you got a lot of cash..) I will be looking for changes in price of related
goods, changes in income, changes in preferences.
Explore/Explain/Guided Practice
Independent reading (10 minutes) https://knowledge.wharton.upenn.edu/article/after-reading-fast-food-nation-you-may-want-to-hold-the-fries/ Students will
read this article and try to identify factors that caused shifts in the supply and demand curve of French fries
Cooperative Learning (15 minutes) Students will be placed in heterogeneous groups of 4. Half the groups will be role of fast food supply and the other half will be
role of fast food demand. I will give the groups posters and ask them to brainstorm what causes a shifts in demand or supply (depending on their group) and to pair
those with examples in the article. I believe heterogeneous groups will be best for this because it will allow for students who have strong content literacy to support
students who may have trouble reading items that relate to economics.
Whole Class Discussion (15 minutes) We will come back together as a class, and I will ask students to share out what they found. As each idea is shared, I will ask
students which category it fits best into (the ones we discussed earlier about supply and demand shifts) This will give students examples of each shifter, and clear
up any ideas and reinforce the ideas of supply/demand shifts. I will try to prompt students with more questions throughout depending on how well they grasp the
concept. And ask them for other real life examples that were not in the article which will draw on their prior knowledge and be more relevant to their lives.
Independent Practice (15 minutes) To assess student knowledge and for students to record what they have learned I will ask them to add a section to their
ongoing padlet they have for this unit. Students can set it up and be as creative as they want about it, as long as it includes all the elements in rubric. Students can
type/utilize online images and tools or they can hard draw/write everything and upload the picture. Whatever they are most comfortable with. By the end of this
unit, their padlet will be full of the key concepts learned.
Closure (5 minutes) Exit ticket. On the board I will prompt students with: "The price of hamburgers has increased, what will happen on the demand curve? and
"The cost of potatoes doubles, what will happen to the supply of French fries?" Students may either illustrate this on a supply and demand curve graph or write it
out. Allowing to draw or write out the explanation differentiates this assessment and allows for students with different learning styles to use what is best for
them. This will illustrate that they understand the difference between movements along supply and demand curve due to change in price and actual shifts in the
supply and demand curve (area of misunderstanding).

Extension
If you are finished early and wish to keep exploring this topic you can research an item that you have bought or would like to buy and discuss how factors have or could
shift the supply and demand of this good. This would be a great section to add to your padlet, and could help you make informed discussion on this product. Are you
looking at buying new shoes? Perhaps a car?

Deliverables
Students will complete
Padlet Assignment 03: Shifts in Demand & Supply. This will be a new sections on their ongoing unit padlet.
Link to assignment instructions and rubric: https://app.box.com/s/rsw332snquyp802zrttp6k0k5xhwzzsu
Exit ticket (on board/ scrap paper)

Modifications
Students struggling to read the article may use text to speech option.
Students who may struggle with using the technology of padlet may handwrite the different factors, take pictures and upload them to their padlet.
During direct instruction and class discussion I will write concepts on board as well as verbalize them to accommodate different learning styles.
Both the padlet assessment and the exit ticket allow for written and illustrative representations of knowledge, accommodating to different learning styles and allowing
students to use their strengths to represent the skills and knowledge they have gained.
During group work students will be discussing as well as writing down key ideas.

Reflections
1. What went well? Why?
2. What did not go as you planned/expected? Why?
3. If you were to teach this lesson again to the same group of students, what changes would you make to your instructional strategies that would improve the student
learning? Why?
4. Did the students meet the objectives? How did you know?
5. How did you use feedback from the students to make instructional decisions while you were teaching the lesson?
6. How effective was the padlet on monitoring student learning? How effective was the exit ticket in monitoring students overcoming the common area of
misunderstanding? What modifications would you make to help students better demonstrate their learning?
7. How well was the area of misunderstanding addressed? Were there any other areas of misunderstanding?
8. How did students seem to enjoy the article? Is there another article that they may find more fascinating or relatable?
9. Were there any struggles with understanding the new vocabulary? What examples did students provide for complementary/substitute goods?
10. Did any students participate in the extension activity? Is there anything that could improved on it?
11. Were all students needs met during instruction? Does there need to be more modifications added in future lessons?
 12. How did the feedback you gave students help address their needs in relation to the objectives?
13. Analyze your biggest challenge during the lesson. What did you learn from it?
14. How will that impact future lessons?
15. Based on the results of the lesson, what are your next steps?

Materials
Course textbook:
Chapter 2: Economics Through Everyday Life: From China and Chili Dogs to Marx and Marijuana
by Anthony Clark PhD (Author)
ISBN: 9781623156688
Online Resources:
pre-work video https://www.youtube.com/channel/UCCQEbqDL8i40d83Au55lYMQ
quizlet https://quizlet.com/775995043/economics-through-everyday-life-chapter-2-flash-cards/?new
article:https://knowledge.wharton.upenn.edu/article/after-reading-fast-food-nation-you-may-want-to-hold-the-fries/
padlet: https://padlet.com/dashboard
Physical materials
white board and multicolored pens
posters/large pieces of paper for group work
scrap paper for exit ticket