Nearpod version available
Grade 9-12
,
Lesson
Using Systems of Equations with Supply and Demand Application
Objective
Students will be able to:
- Define supply, demand, law of demand, and equilibrium.
- Construct a supply and demand graph.
- Compute the equation of a linear demand curve.
- Compute the equation of a linear supply curve.
- Compute the intersection of the supply curve and demand curve (confirm the equilibrium price and quantity) using a system of equations.
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 personal finance lesson, students will learn supply and demand by utilizing a system of equations.
Resources
Procedure
Click NEARPOD VERSION: SYSTEMS OF EQUATIONS: SUPPLY AND DEMAND APPLICATION to access an interactive version of the lesson powered by Nearpod: students interact and respond to questions on their device, and teachers will see their responses in real time!