Entrepreneurship: Supply and Demand in Entrepreneurship

Objectives:

• Students will be able to explain the determinants of supply and demand.
• Students will be able to explain how supply and demand markets interact to determine price.
• Students will be able to apply economic concepts when making decisions for an entrepreneurial venture.

Age Level: Early secondary school

National Standards: Complies with NBEA Entrepreneurship 2023 Standard IV.1 Apply economic concepts when making decisions for an entrepreneurial venture:

IV.1.A.6: Explain the determinants of supply and demand

IV.1.A.7: Explain how supply and demand markets interact to determine price

Materials:

• Whiteboard or chart paper
• Markers or chalk
• Handouts of vocabulary list and matching worksheets for each student
• Computer or mobile devices for each student or group for the activity
• Internet access for each computer or mobile device
• Handouts with instructions and criteria for the marketing plan (optional)
• Supplies for creating visual aids such as posters, charts, and graphs (optional)