DEMAND AND MARGINAL UTILITY LESSON PLAN
After completing the lesson plan, have students answer the assessment activity.
Students should have collected data from several rounds of the candy exchange. This data will be used to create a marginal utility curve.
The Economic Explanation of Demand: why we purchase goods.
1. Prices, income, population, and the availability of other goods, are just as relevant to consumption decisions (demand) as are more basic desires and preferences.
Definition: The consumer is willing and able to buy specific quantities of a good or service at alternative prices in a given time period.
3. Tastes - (desire for this and other goods)
Example: If a study says candy is good for you, the demand for candy would increase.
4. Income (of the consumer)
Example: If you won the lottery you might buy more candy. The demand for candy would increase.
Lesson Printable Materials -
Print out the teaching lesson pages and
exercise worksheets for
use with this lesson: