Nearpod version available
Grade 9-12
,
Lesson
Who Bears the Burden When a Tax Is Imposed on a Good?
Objective
Students will be able to:
- Determine the value of a function when given the x value.
- Apply mathematical knowledge of functions to an economic example.
- Determine the value of a function at a given x value from a graph.
- Determine the area under straight line graphs.
- Determine the dead weight loss as well as the portion of tax paid by the producer and consumer using different graphs.
- Determine whether a given event causes a shift in supply or demand.
Standard
National Standards in Economics
Role of Government and Market Failure
Standard: 16
- Students will understand that: There is an economic role for government in a market economy whenever the benefits of a government policy outweigh its costs. Governments often provide for national defense, address environmental concerns, define and protect property rights, and attempt to make markets more competitive. Most government policies also have direct or indirect effects on people's incomes.
- Students will be able to use this knowledge to: Identify and evaluate the benefits and costs of alternative public policies, and assess who enjoys the benefits and who bears the costs.
Role of Prices
Standard: 8
- Students will understand that: Prices send signals and provide incentives to buyers and sellers. When supply or demand changes, market prices adjust, affecting incentives.
- Students will be able to use this knowledge to: Predict how changes in factors such as consumers' tastes or producers' technology affect prices.
Concepts
In this personal finance lesson, students will learn how to determine the function values of simple functions.
Resources
Procedure
Click NEARPOD VERSION: WHO SHOULD PAY TAXES ON GOODS? PART 1 and NEARPOD VERSION: WHO SHOULD PAY TAXES ON GOODS? PART 2 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!