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)
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