Demand and Supply

Introduction

 

INTRODUCTION

Welcome to the class of Economics, I am your subject teacher I will take you in looking at the concept of Demand and Supply. I hope you are well and prepared for learning in the Economic World.

 

You some of you if not all of you have experienced going to shopping in the market and found that what you are looking for is not available and you fail to understand why, end up felling disappointed. And go to other markets found out that the store is having larger amount of the product.

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwiMgLeFxejwAhX2gf0HHdV5ClIQtwIwCXoECA8QAw&url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3D720uyg0Dd_M&usg=AOvVaw2XCc-0EwgMwMB9rai7ouH4

Task

TASK

It makes me very happy that you are more interested in this topic of demand and supply. You about to learn more about these concepts.

 

It will be your job in future to explain to your friends and family why some products are in high quantity in the market while other markets are having nothing to offer. That is only possible if you developed an understanding of demand and supply principle by completing this task.

 

There are 3 important concepts to know and understand after completing this web-quest.   

  1. Demand, Supply, Equilibrium
  • Develop a better understanding of demand, supply and equilibrium
  • Develop when, why, do surplus and shortage occur.
  1. Change in Demand
  • The differentiation between change in demand and changes in quantity demanded.
  • Understand the influence factors in the changes in demand and shift in the demand curve.
  1. Change in Supply

•The differentiation between change in supply and changes in quantity supplied.

•Understand the influence factors in the changes in supply and shift in the supply curve.

TASK

It makes me very happy that you are more interested in this topic of demand and supply. You about to learn more about these concepts.

 

It will be your job in future to explain to your friends and family why some products are in high quantity in the market while other markets are having nothing to offer. That is only possible if you developed an understanding of demand and supply principle by completing this task.

 

There are 3 important concepts to know and understand after completing this web-quest.   

  1. Demand, Supply, Equilibrium
  • Develop a better understanding of demand, supply and equilibrium
  • Develop when, why, do surplus and shortage occur.
  1. Change in Demand
  • The differentiation between change in demand and changes in quantity demanded.
  • Understand the influence factors in the changes in demand and shift in the demand curve.
  1. Change in Supply

•The differentiation between change in supply and changes in quantity supplied.

•Understand the influence factors in the changes in supply and shift in the supply curve.

Process

Process

 

This process page enable you to complete the task prepared on the task page:

Instruction:

  • Form groups of 10
  • There are 5 questions to answer to on the task.
  • Answer all question

How to use the resources:

These are videos and slides provided with each task that you are required to refer to. You may use then at your own preferred time. Just click the link, to open the resources. You can download the slides and download the video for future references. These two cover concepts.

  • Ask question if you don’t understand what to do in the following below tasks.

 

Task 1

Discovery of the difference between supply and demand

Resources

Slides: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjCzOarw-jwAhXm_7sIHaxnAFkQFjACegQIEhAD&url=http%3A%2F%2Fweb.mst.edu%2F~rrbryant%2Fecon121%2FSlides%2Fch3pt1.ppt&usg=AOvVaw1HAAeRA5gstTwKlURiKIXr

Videos:  https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjZxPnNwujwAhVV8rsIHc57AsMQtwIwAnoECAgQAw&url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DLwLh6ax0zTE&usg=AOvVaw2ozkqvitx_ZNpZSEIxGYir

Watch the video and read the slides to gain an understanding about the concept of demand and supply to find answers.

 

  1. Define what is demand?
  2. Define what is supply?
  3. Explain when is the equilibrium?
  4. Explain the occurrence of shortage
  5. Explain the occurrence of surplus

After the discovery of the correct answers continue doing Task 2

Task 2

Differentiate between changes in demand and changes in quantity demanded.

Resources: (slides and video)

Slides: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjhn7nPw-jwAhUL_7sIHV_LBW4QFjABegQIAhAD&url=https%3A%2F%2Fwww.slideshare.net%2FCandelaContent%2Fdemand-and-supply-50562872&usg=AOvVaw1EXyMgAGkHWS0AUoiNfith

Video: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjEg5Dhw-jwAhVKhf0HHX3-BbwQtwIwAHoECAMQAw&url=https%3A%2F%2Fwww.khanacademy.org%2Feconomics-finance-domain%2Fap-macroeconomics%2Fbasic-economics-concepts-macro%2Fmarket-equilibrium-disequilibrium-and-changes-in-equilibrium%2Fv%2Fchanges-in-equilibrium-price-and-quantity-when-supply-and-demand-change-khan-academy&usg=AOvVaw0RPVw_D4Vkh1-v-gQQr9LC

Follow the same instruction as in task one using the slides and videos

  1. What changes happens in demand?
  2. Which factors that influence that change in demand?
  3. And how the mentioned above factors affect demand curve?
  4. Explain the left shirt of demand curve.
  5. Explain the right shirt of the demand curve.

WOW!!!!!!!!!!!!!!!!!!!!! You have reached the last task now.

 

ON YOUR OWN

Take some precious time and look at your answers you have written and go back to the slides and videos to make sure of your answers.

Now its time to look at the EVALUATION TO GET SCORE FOR YOUR WORK COMPLETED.

RESOURCES:

1. https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjhn7nPw-jwAhUL_7sIHV_LBW4QFjABegQIAhAD&url=https%3A%2F%2Fwww.slideshare.net%2FCandelaContent%2Fdemand-and-supply-50562872&usg=AOvVaw1EXyMgAGkHWS0AUoiNfith

2. https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjEg5Dhw-jwAhVKhf0HHX3-BbwQtwIwAHoECAMQAw&url=https%3A%2F%2Fwww.khanacademy.org%2Feconomics-finance-domain%2Fap-macroeconomics%2Fbasic-economics-concepts-macro%2Fmarket-equilibrium-disequilibrium-and-changes-in-equilibrium%2Fv%2Fchanges-in-equilibrium-price-and-quantity-when-supply-and-demand-change-khan-academy&usg=AOvVaw0RPVw_D4Vkh1-v-gQQr9LC

3. https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwiMgLeFxejwAhX2gf0HHdV5ClIQtwIwCXoECA8QAw&url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3D720uyg0Dd_M&usg=AOvVaw2XCc-0EwgMwMB9rai7ouH4

4.

 

 

Evaluation

EVALUTION RUBRIC:

 

Start

Developing

Skilled

Representative

Score

TASK 1

No understanding of the demand and supply concepts

General understanding of the concepts

Understand the concepts acceptable

Highly understanding of the concepts

15

TASK 2

Unable to distinguish the required changes and quantity changes in demand

Little shown of completion

Acceptable attempt

Highly and very good understanding 

15

 

%

%

%

%

%

 

Conclusion

CONCLUSION

Now as you have learnt about demand and supply, you will be able to know why some markets are having high quantity than other. That will make you be able to make economic decision before buying in markets. 

Please find the summary slides below for further referencing !

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwiJ55nmxejwAhWRg_0HHbZlCu8QFjACegQIFBAD&url=https%3A%2F%2Fweb2.aabu.edu.jo%2Ftool%2Fcourse_file%2Flec_notes%2F501102_demand.ppt.ppt&usg=AOvVaw3NHMKa75Nf4bgtdMSnfKUF

Credits

 I have let my students know how well they did in the task.

Teacher Page

Teacher Page

This web-quest was created for Economics students of Grade 11. It comes to my attention realizing the importance of DEMAND AND SUPPLY in broader topic of microeconomics this topic is important in creation of foundation for all other topics in economics. As an Economics teacher I can confirm that DEMAND AND SUPPLY are related to all economic problems.

OBJECTIVES

By the end of this web-quest students are expected to be able to or achieve:

  • Ability to differentiate between demand and supply curve
  • Differentiate between what occurs when there is a change in demand and change in quantity demanded.
  • Differentiate between what occurs when there is a change in supply and change in quantity supplied.

RESOURCES

  • MS Power Point, MS Word
  • Computers with internet or any technological device accessible to internet.
  • Stationary