Grade 9-12
,
Activity
Using Gasoline Data to Explain Inelasticity
Objective
Students will be able to:
- Explain inelasticity of demand.
Standard
National Standards in Economics
Markets and Prices
Standard: 7
- Students will understand that: Markets exist when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce goods and services.
- Students will be able to use this knowledge to: Identify markets in which they have participated as a buyer and seller and describe how the interaction of all buyers and sellers influences prices. Also, predict how prices change when there is either a shortage or surplus of the product available.
Concepts
In this economics activity, students will examine and summarize data about gasoline consumption.
Resources
Procedure
This is an individual activity where students will read and summarize data on gasoline consumption to explain the concept of inelasticity at the Using Gasoline Data to Explain Inelasticity website. Students will complete the activity in one of the following formats: Quizizz Activity or Using Gasoline Data To Explain Inelasticity Worksheet. To complete this activity, students need to follow the directions below:
- Go to the website Using Gasoline Data to Explain Inelasticity.
- Read through the information and answer the questions in the Quizizz Activity or answer the questions with the Using Gasoline Data To Explain Inelasticity Worksheet.