Course Title: Global Economics
2013-2014
Unit Length: 10 Days w/assessment
Unit Title: Supply, Demand, and Market Efficiency
Essential Question: Given a set of circumstances, I can graph the concepts/effects of change in
demand and quantity demanded, supply and quantity supplied, equilibrium, elasticity, surplus,
and shortage.
Date Created:
Revised: 02/11/2013
Must Knows/Objectives: The student will be able to . . .
Activities used to teach the Must Knows
(2.C.1) I can define and graph demand and supply.
(2.C.2) I can describe where equilibrium can be found and what it means.
(2.C.3) I can define and graph elasticity and evaluate a good or service as being elastic
or inelastic (elasticity spectrum).
(2.C.4) I can differentiate between change in demand(supply) vs. change in quantity
demanded(quantity supplied).
(2.C.5) I can list/define/provide examples of: non-price determinants of demand &
supply.
(2.C.6) I can explain and give examples of: Price Controls.
(2.C.7) I can distinguish between: Surplus vs. Shortage by showing on a graph where
these can be found.
Students should graph changes in demand and
supply, predicting the effects of hypothetical
situations (price and non-price)
Students should provide examples of
elastic/inelastic goods, explaining why (Elasticity
spectrum)
Students should list and explain- P/NP Determinants
of Demand/Supply
Wheat/Corn Selling Game
Create Demand/Supply Schedules
Ice Cream Eating Contest (Marginal Utility)
Unit Title
Unit Vocabulary/Concepts
Unit Vocabulary/Concepts
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Demand (Law of
Demand)
Supply (Law of Supply)
Equilibrium
Elasticity
Change in Demand vs
Change in Quantity
Demanded
Non-Price Determinants
of Demand
Change in Supply vs
Change in Quantity
Supplied
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Non- Price Determinants
of Supply and Quantity
Supplied
Price Controls
Surplus vs Shortage
Common Formative
Assessments
EVERY teacher will give the
following assessments:
R1: Appetite for Destruction
(2.L.1)
ACT 1: Scarcity and
Abundance (2.L.2)
Common CRS Skill
Activities
ACT Vocab:
 Scarcity
 Progeny
 Utility
 Ruminate
 Ingeminate
Common Summative
Assessment
ACT 2: The Hidden Side of
Everything