# Lesson Plan: Concept of Demand
## Subject: Economics
## Grade Level: Senior Secondary 1
## Duration: 45 minutes
### Lesson Objectives:
By the end of this lesson, students should be able to:
1. Define the concept of demand.
2. Explain the determinants of demand.
3. Illustrate the law of demand with relevant examples.
4. Describe the difference between a movement along the demand curve and a shift in the demand curve.
### Materials Needed:
- Whiteboard and markers
- Projector and laptop
- Copies of the demand curve chart
- PowerPoint presentation on the concept of demand
- Handout for students (containing definitions, key points, and sample exercises)
### Lesson Outline:
1. **Introduction (5 minutes)**
- Greeting and settling the students
- Briefly introduce the topic: "Today, we will be discussing the concept of demand, an essential principle in economics."
2. **Definition and Explanation of Demand (10 minutes)**
- Definition: "Demand is the quantity of a good or service that consumers are willing and able to purchase at various prices during a particular period."
- Discuss key terms: quantity demanded, willingness, ability, and period.
- Use real-world examples (e.g., demand for smartphones, demand for transportation services).
- Present a simple demand schedule, illustrating different prices and corresponding quantities demanded.
3. **Determinants of Demand (10 minutes)**
- Explain the factors that influence demand:
1. Price of the good or service
2. Consumer income
3. Prices of related goods (substitutes and complements)
4. Tastes and preferences
5. Expectations about future prices
6. Number of potential buyers
- Use relevant examples for each determinant to ensure understanding.
- Show a short video or slide presentation summarizing the determinants of demand.
4. **Law of Demand (10 minutes)**
- State the law of demand: "As the price of a good or service decreases, the quantity demanded increases, ceteris paribus, and vice versa."
- Illustrate with a graph:
- Draw a demand curve on the board or use a projected chart.
- Show the inverse relationship between price and quantity demanded.
- Provide examples (e.g., the impact of a sale on clothing or electronics).
- Discuss exceptions to the law of demand (Giffen goods, Veblen goods).
5. **Movements Along vs. Shifts in the Demand Curve (5 minutes)**
- Explain movement along the demand curve:
- A change in quantity demanded due to a change in the price of the good, illustrated as a move from one point to another on the same curve.
- Explain shifts in the demand curve:
- A change in demand due to non-price determinants, illustrated as the demand curve moving to the right (increase in demand) or to the left (decrease in demand).
- Use examples to clarify the differences.
6. **Class Activity (5 minutes)**
- Hand out a worksheet with a few questions/exercises:
- Identify whether a given scenario causes a movement along the curve or shifts it.
- Draw a simple demand curve based on a demand schedule.
- Allow students to work in pairs or small groups. Monitor the room and provide assistance where needed.
7. **Conclusion and Q&A (5 minutes)**
- Summarize the key points covered in the lesson.
- Address any remaining questions or concerns from students.
- Assign homework: Write a short paragraph on how understanding demand can influence personal or business decisions.
### Assessment:
- Participation and responses during class discussions.
- Completion and accuracy of the in-class activity worksheet.
- Review of the homework assignment to ensure understanding of the concept of demand.
### Homework:
- Write a short paragraph on how understanding demand can influence personal or business decisions.
This lesson plan is designed to provide a comprehensive understanding of the concept of demand in economics, engaging students with various teaching methods, including direct instruction, visuals, and interactive activities.