What Does Price Have to Do with Supply and Demand?
Skill Set: Economics
TOPIC OR UNIT OF STUDY
ECONOMICS
Students will
 illustrate the concept of price on a supply and demand curve.
 recognize market equilibrium price.
 search online using a range of technology tools and media to access relevant information needed for problem
solving.
 create information for oral, written, and multimedia communications, adhering to copyright laws.
 engage in problem solving and critical thinking processes to create and evaluate complex strategies in order to
independently solve problems.
 adapt to new situations by considering multiple perspectives and a commitment to continued learning.
 exhibit ethical behavior and positive leadership while working collaboratively in the school and/or community.
 model legal and ethical behaviors in the use of technology.
 assess global trends in entrepreneurship that are related to their career/technical program.
 determine entrepreneurial opportunities in venture creation related to their career/technical program.
 examine desirable entrepreneurial personality traits.
INTRODUCTION
Have you ever wondered how companies decide on a price for a product? Have you thought about introducing a
product into the market? Pricing is an important factor of production, and we’ll take a closer look at it in this PBL.
Supply and demand play an important part in the equation as well as the price involved in bringing the product to the
market. In this PBL you will examine some basic elements of economics, specifically relating to pricing, and answer some
of these and other questions, and you will select a product, show the price of the product on a supply and a demand
curve, and be able to recognize the market equilibrium price.
ESSENTIAL QUESTION
How does the concept of pricing serve as a crucial part of the success of a product and what methods do companies
make use of in determining the product price as it relates to supply and demand?
INTEGRATION OF ACADEMICS, TECHNOLOGY, ENTREPRENEURSHIP
The students will master the standards of economics as they complete the learning activities in the PBL project. They
will research information on supply and demand as it relates to product pricing and the supply and demand curve. They
will research market equilibrium price.
Students will cover several technology standards as well. They will use the internet for research purposes as they gather
information.
Students may also make use of hardware and software applications such as word processing software, scanners, digital
cameras, video cameras, smart boards, multimedia projectors, presentation software, desktop publishing software, and
others depending on the media that they select for their presentations to the class.
Students will abide by copyright laws and will cite resources used in their projects and presentations with appropriate
documentation. Students will use technology to solve problems and extract data from sources as needed to master the
content of this project.
Students will use entrepreneurship content standards as they think and behave as a business person in creating their
presentations. In their research, they may encounter personality traits that entrepreneurs are likely to have that work in
economic related careers. Furthermore, global trends may be discovered in the research surrounding economic career
areas.
STUDENT INVOLVEMENT IN PLANNING PROCESS
Students will be involved in the planning process of this project by being able to choose their individual roles within their
group by deciding which areas they want to research and how they want to divide the work within the group.
Students will be involved by having the freedom and the responsibility of researching and selecting topic areas to
present to the larger group and to their own small groups.
Due dates can be modified if needed by the group. Tasks are assigned to the group as a whole and then divided by the
group members and completed individually.
Groups will have informal meetings with the teacher daily to monitor progress and address issues/problems that may
arise. The group may request assistance from the teacher at any time or they may request that the teacher allow them
to work independently with a minimum of supervision if all is going well within the group.
TASK(S)
 Select group members; divide tasks for members within each small group

Preview rubrics

Brainstorm ideas and resources

Set up timeline for completion of tasks

Research information/data collection/record information/note websites/share within small group

Report back to group in small group meeting; evaluate findings individually and as a small group

Research information/data collection/record information/ note websites/share as a small group

Synthesize information gathered; select product/service and completed data reporting;

Construct supply and demand curve plot pricing along curve for selected product; find equilibrium price; prepare
other material for presentation

Practice presenting in small groups before the formal presentation; review rubrics
 Present to the class in a formal presentation; Review the completed rubrics
RESOURCES
Rubrics for Evaluation- General Rubric
Internet (sites vary with each group)
TECHNOLOGY USE
Laptop/Desktop Computers
Printer/Scanner
Video Camera
Digital Camera
Multimedia Projector
Smart Board (Projection Screen can be substituted if needed)
Internet
File Storage Device (Flash drive or network folder)
Software Needs (varies with presentation selection) i.e. Microsoft Office, Movie Maker, Audacity
EVALUATION
Formative
Teacher observation/walk-arounds
Personal communication
Summative
Rubrics—General rubric
TIMELINE
90 Minute Class Blocks
Day 1—Introduction to Economic PBL; begin project; select groups/begin research
Day 2—Research continues in groups; data collection/group work
Day 3—Synthesize data; prepare presentation with data collected; construct supply and demand curve; plot product
prices and find equilibrium price
Day 4—Practice the presentation in small groups before the formal presentation; review rubrics used in evaluations;
prepare for final presentation to the class
Day 5—Present to the class in a formal presentation
CONCLUSION
Questions for Reflection:
How did the research clarify your understanding of the role of pricing on supply and demand?
How likely is it that products are over- or under-priced and are currently on the market? What examples can you think
of?
Is the concept of product pricing of interest to you in your future career?
Class ___________
Group members: ___________________________________________________________________________
______________________________________________________
Date ___________________
ESSENTIAL QUESTION: How does the concept of pricing serve as a crucial part of the success of a product and what
PROJECT BASED LEARNING ACTIVITY: ECONOMICS
methods do companies make use of in determining the product price as it relates to supply and demand?
CONTENT STANDARDS AND OBJECTIVES:
Students will:
 Illustrate the concept of price on a supply and demand curve.
 Recognize market equilibrium price.
 Search online using a range of technology tools and media to access relevant information needed for problem
solving.
 Create information for oral, written, and multimedia communications, adhering to copyright laws.
 Engage in problem solving and critical thinking processes to create and evaluate complex strategies in order to
independently solve problems.
 Adapt to new situations by considering multiple perspectives and a commitment to continued learning.
 Exhibit ethical behavior and positive leadership while working collaboratively in the school and/or community.
 Model legal and ethical behaviors in the use of technology.
 Assess global trends in entrepreneurship that are related to their career/technical program.
 Determine entrepreneurial opportunities in venture creation related to their career/technical program.
 Examine desirable entrepreneurial personality traits.
Background Information: Have you ever wondered how companies decide on a price for a product? Have you
thought about introducing a product into the market? Pricing is an important factor of production, and we’ll take a
closer look at it in this PBL.
Supply and demand play an important part in the equation as well as the price involved in bringing the product to the
market. In this PBL you will examine some basic elements of economics, specifically relating to pricing, and answer some
of these and other questions, and you will select a product, show the price of the product on a supply and a demand
curve, and be able to recognize the market equilibrium price
Finally, your group will present its findings to the class in a formal presentation. The method of presentation is up to you
and your group; be creative. Just make sure you focus on the essential question and are able to address all elements of it
in your presentation. And, address each of the marketing content standards in your research and presentation as well.
Questions for Reflection: (To be completed at the conclusion of the PBL)
How did the research clarify your understanding of the role of pricing on supply and demand?
How likely is it that products are over- or under-priced and are currently on the market? What examples can you think
of?
Is the concept of product pricing of interest to you in your future career?
Tentative Timeline: (90 Minute Blocks)
Day 1—Introduction to Economic PBL; begin project; select groups/begin research
Day 2—Research continues in groups; data collection/group work
Day 3—Synthesize data; prepare presentation with data collected; construct supply and demand curve; plot product
prices and find equilibrium price
Day 4—Practice the presentation in small groups before the formal presentation; review rubrics used in evaluations;
prepare for final presentation to the class
Day 5—Present to the class in a formal presentation
Tasks:

Select group members; divide tasks for members within each small group

Preview rubrics

Brainstorm ideas and resources

Set up timeline for completion of tasks

Research information/data collection/record information/note websites/share within small group

Report back to group in small group meeting; evaluate findings individually and as a small group

Research information/data collection/record information/ note websites/share as a small group

Synthesize information gathered; select product/service and completed data reporting;

Construct supply and demand curve plot pricing along curve for selected product; find equilibrium price; prepare
other material for presentation

Practice presenting in small groups before the formal presentation; review rubrics

Present to the class in a formal presentation; Review the completed rubrics
Audience: The audience is your small group when you come together for meetings to discuss your findings, and the
larger audience is the class and the instructor and any guests present when you make the formal presentation(s).
Assessment:
Informal assessments will be made by the instructor as you are working within your small groups. The
instructor may make personal observations, hold personal conversations with group members, and she may have team
meetings with the small group.
At the conclusion of the PBL, formal assessment will be made through use of a General rubric to evaluate your small
group’s project and presentation.
Please make sure you are familiar with the elements of the rubrics. You will have the opportunity to see the completed
evaluations and discuss it with the instructor after all the groups have presented their projects.
Resources/Technology:
Laptop/Desktop Computers
Printer and/or Scanner
Video Camera and/or Digital Camera
Multimedia Projector
Smart Board (Projection Screen can be substituted)
Internet
File Storage Device (Flash drive or network folder)
Software Needs (varies with presentation selection) i.e. Microsoft Office, Movie Maker, Audacity
Names___________________________________________
Project __________________________________________
Date ____________________
Class ___________________
PBL Rubric: The task for this PBL is to develop a presentation/project. Some general ideas are listed below for
projects and presentations. Some of these may be adapted to meet the guidelines of the project.
Oral Projects
Products
Multimedia
Debate
Make a Brochure
Digital Storytelling
Dramatization
Make a Game
PowerPoint Presentation
Interview with Experts (Role Play)
Write a Musical/Song
Storyboard
Newscast
Make a Poster
Video Production
Puppet Show
Make a Newspaper
Website Design
Story Telling
Develop a Public Awareness
Podcast
Campaign
Talk Show
Make
a Timeline
TV or Radio Commercial
Create a portfolio
Moviemaker Movie
Build a model
The following categories will be graded: Use of technology, Preparation, Research, Presentation - Appearance,
Presentation - Delivery
Assess on a scale of 1-20; grade using the following scale:
Below Mastery (1-10 points):
Does little to address the criteria.
Mastery (10-15 points)
Meets the general requirements of the criteria.
Above Mastery (16-18 points):
Exceeds the general requirements of the criteria.
Distinguished (19-20 points):
Exceptional work. The student goes above and beyond the criteria.
Technology: The students used clip art, used still photographs imported or scanned, used artwork, animations, music or
sound effects, used artwork and/or effects. The students used media appropriately and used media to enhance and
support gathered research.
Grade ______/20 points
Preparation: The students planned time wisely to assure access to needed materials, organized thoughts and
developed details that helped to support ideas and present data to a group. The students collaborated effectively during
this process.
Grade ______/20 points
Research: The students used internet sites in gathering information; used resources obtained from search engines
and/or used reference books and cited sources. The students used resources appropriately. The students consulted
resources that show different perspectives and/or used a variety of sources as appropriate for the unit.
Grade ______/20 points
Presentation/Appearance: The presentation has a logical flow and is sequenced so the content is clearly
understandable. The words and visuals on the presentation pages are easy to see. There is not too much or too little
content in the presentation. Titles and headings are easy to distinguish from other text. The students spelled everything
correctly. The students cited media in the correct format.
Grade ______/20 points.
Presentation/Delivery: The student s maintained eye contact, stayed focused, dressed appropriately and engaged the
audience. The students used an appropriate conversational tone.
Grade ______/20 points.
Total Points for the PBL: __________________/100 points