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LAW OF DEMAND LESSON PLAN SUPPLY TEACHING CONCEPT LEARNING ECONOMIC PRINCIPLES ACTIVITY SAMPLE EXAMPLE HELP STUDENTS PRACTICE TEACHER FINANCE SKILLS ONLINE COURSE

 

 

 

Students learn about the concept of economic demand.

 

 

LAW OF DEMAND

 

Objective:

In this lesson the students will know the law of demand, understand how the law of demand works, and create demand curves that use the law of demand.

Standard:

National Content Standards for Economics

 

Suggested Grades:

Seventh Grade - Eighth Grade - Ninth Grade - Tenth Grade - Eleventh Grade - Twelfth Grade - Adult Education - Business Education

 
 

 

LAW OF DEMAND LESSON PLAN

 

Teaching Materials

Process:

After completing the lesson plan, have students use the law of demand to complete the demand schedules.

Lesson Excerpt:
The law of demand is the inverse relationship between demand price and the quantity demanded, ceteris paribus. This fundamental economic principle indicates that as the price of a commodity decrease, then the quantity of the commodity that buyers are able and willing to purchase in a given period of time, if other factors are held constant, increases.

Ceteris paribus is a Latin term that means all other thing being equal.  For a demand curve to be accurate the ceteris paribus assumption must be in place.  So when there is a change in price there is a movement along the demand curve.  This is called a change in quantity demanded.  It looks like this:

 

 

 

 

Lesson Printable Materials - Worksheets

Print out the teaching lesson pages and exercise worksheets for use with this lesson:

 

LAW OF DEMAND LESSON

Law of Demand Lesson

Lesson plan and student worksheet.

 

 

 

 

 

 

 

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