About This Chapter
Below is a sample breakdown of the Supply and Demand in Microeconomics chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.
|Day||Topics||Key Terms and Concepts Covered|
|Monday||'Ceteris paribus', demand curve and supply curve||Variable constancy, downward- sloping demand curve, price points and upward-sloping supply curve|
|Tuesday||Supply and demand changes, market equilibrium and identification of surpluses or shortages||Market forces, equilibrium price, equilibrium changes and how the market may react to shortages or surpluses|
|Wednesday||Shifts in supply and demand curves, use of market forces for manipulation and price ceilings or price floors||Shift factors of demand, shift factors of supply, impact on equilibrium and price, legal and illegal methods of manipulation and how price ceilings and price floors affect equilibrium|
|Thursday||Government intervention, price elasticity and price elasticity of demand||Legitimate and illegal tools used to control supply, price equilibrium and comparison of inelastic demand and elastic demand|
|Friday||Cross price elasticity of demand, income elasticity of demand and price elasticity of supply||Law of demand, unitary elastic, formula for cross price elasticity of demand, effects of income and elastic or inelastic products|
1. The Concept of Ceteris Paribus in Economics
Learn what ceteris paribus means and why it is so important in economics. Find out how it helps us simplify and understand the relationship between different economic variables and forces. See some easy examples to help drive home its importance.
2. Understanding the Demand Curve in Microeconomics
Learn what the demand curve in microeconomics is. Find out the common components of the demand curve and how they are created. See what causes a movement along a demand curve and what causes a shift of the entire curve.
3. The Supply Curve in Microeconomics
Learn about the supply curve and its unique characteristics. Find out some of the common terms used when discussing the supply curve and the difference between a movement along a supply curve and a shift of the entire curve. See some examples of each.
4. Causes of Supply and Demand Changes in Microeconomics
Learn what causes movements along the supply and demand curves. See how market forces work to cause these movements and the important role that price plays in this.
5. Market Equilibrium from a Microeconomics Perspective
Learn about the definition of market equilibrium. Learn how to identify the equilibrium point on a supply and demand graph and discover what causes this point to change in our everyday lives.
6. Identifying Shortages and Surpluses in Microeconomics
Supply shortages and surpluses are inefficient for business, but economics seeks to avoid them. In this lesson, find out how they happen, as well as how businesses work to avoid them.
7. Microeconomic Shifts in Supply and Demand Curves
Learn about the important forces that can cause the demand and supply curve to shift. Discover how this affects equilibrium and the prices you pay for goods and services.
8. Using Market Forces to Manipulate Supply and Demand
While the forces of supply and demand are powerful, they are not immobile. This lesson explains how various market forces can cause the supply and demand curves to shift.
9. Price Ceilings and Price Floors in Microeconomics
Governments can restrict prices from going too low or too high through use of price ceilings. This lesson explains these concepts, as well as problems that can arise from their use.
10. Controlling Supply: Government Intervention & Market Forces
Sometimes, despite the best efforts of the market, a heavy hand is needed to control supply. This lesson looks at how the government and the market can work to do just that.
11. Price Elasticity: Understanding Supply and Demand
Marketing managers need to understand the basics of supply and demand in order to develop the precise price for their product. Inelastic and elastic demand explains how sensitive consumers are to price and how much flexibility it allows the marketing team.
12. Price Elasticity of Demand in Microeconomics
Discover the definition and formula for price elasticity of demand. See some real-world examples of how it is calculated, and find out what it means for demand of a good to be inelastic or elastic.
13. Cross Price Elasticity of Demand: Definition and Formula
Learn what cross price elasticity of demand means. Find out why business owners and economists like to know cross price elasticity, and discover how to calculate it. See some everyday examples.
14. Income Elasticity of Demand in Microeconomics
The income elasticity of demand is a useful tool that measures what happens to consumer demand for products and services when incomes change. We will work through the formula and interpret what the answers mean.
15. Price Elasticity of Supply in Microeconomics
Price elasticity of supply is similar to elasticity of demand, but there are differences too. Let's explore them by looking at some real-life examples of elastic and inelastic supply.
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