### Lesson Plan for Economics (Senior Secondary 1)
**Topic:** Concept of Supply
**Duration:** 60 minutes
#### **Objective:**
- By the end of the lesson, students should be able to:
- Define the concept of supply.
- Explain the law of supply.
- Identify factors that affect supply.
- Draw and interpret a supply curve.
- Apply the concept of supply in real-life situations.
#### **Materials Needed:**
- Whiteboard and markers
- Textbook or digital resources
- Projector (if available)
- Graph paper and pencils
- Handouts with key terms and definitions
- A case study or real-life example of supply
#### **Lesson Outline:**
**1. Introduction (10 minutes)**
- **Warm-up Activity:**
- Start the class with a quick review of the last topic covered.
- Ask students if they've heard the term "supply" and what they think it means. Write their responses on the board.
- **Objective Sharing:**
- Briefly outline what students will learn today and the importance of understanding the concept of supply in economics.
**2. Direct Instruction (15 minutes)**
- **Definition of Supply:**
- Define supply as the total amount of a good or service that is available to consumers at various price levels, during a specific period.
- **Law of Supply:**
- Explain the law of supply: as the price of a good or service increases, the quantity supplied also increases, and vice versa.
- **Factors Affecting Supply:**
- Enumerate and explain factors such as production costs, technology, prices of related goods, expectations, number of sellers, and government policies.
**3. Guided Practice (15 minutes)**
- **Drawing and Interpreting a Supply Curve:**
- Demonstrate how to draw a supply curve on the whiteboard.
- Ask students to copy the supply curve into their notebooks and label it appropriately.
- Explain the upward slope of the supply curve (positive relationship between price and quantity supplied).
**4. Independent Practice (10 minutes)**
- **Graphing Exercise:**
- Provide students with a table of prices and quantities supplied for a particular good.
- Instruct them to plot the points on graph paper and draw the supply curve.
- Walk around the classroom to offer help and guidance as needed.
**5. Application and Analysis (10 minutes)**
- **Case Study Discussion:**
- Present a real-life example where a change in one of the factors affects the supply of a product (e.g., a new technology in agriculture that increases the supply of crops).
- Divide the students into small groups and ask them to discuss the case study.
- Each group should identify the affected factor and describe its impact on the supply curve and overall market.
**6. Conclusion (5 minutes)**
- **Review Key Points:**
- Summarize the key concepts covered in the lesson: definition of supply, law of supply, factors affecting supply, and how to draw and interpret a supply curve.
- **Exit Ticket:**
- Distribute an "exit ticket" with a few short questions for students to answer before they leave. These could include:
- Define supply.
- What does the law of supply state?
- List two factors that affect supply.
#### **Assessment:**
- Formative:
- Observations and questioning throughout the lesson.
- Review of students’ supply curves during independent practice.
- Group discussions in the application segment.
- Summative:
- Evaluate the exit tickets for understanding and accuracy.
#### **Follow-Up/Next Steps:**
- For homework, assign readings that cover the concept of demand to prepare for the next lesson.
- Plan a quiz for the next week to assess students' understanding of both demand and supply concepts.
#### **Reflection:**
- After the lesson, take some time to reflect on what worked well and what could be improved. Note any students who might need additional support or those who excelled and could take on further challenges.
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This structured lesson plan aims to engage students actively in understanding the concept of supply, its importance, and application in economics.