**Lesson Plan: Economics for Senior Secondary 1 - Price Determination in a Free Market Economy**
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**Objective:**
By the end of the lesson, students will be able to understand the concept of price determination in a free market economy, including how supply and demand interact to set prices, and the role of equilibrium.
**Duration:**
90 minutes
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### **Materials:**
- Whiteboard and markers
- PowerPoint slides or projector
- Handouts with key terms and diagrams
- Graph paper and rulers
- Computer with internet access (if available)
- Example articles or case studies on price determination
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### **Lesson Outline:**
**1. Introduction: (10 minutes)**
- Welcome and attendance.
- Introductory Activity: Quick poll to see what students already know about supply and demand.
- State the objective of the lesson.
**2. Core Concepts: (15 minutes)**
- Define a free market economy.
- Explain the law of demand: Price and quantity demanded relationship (use graph).
- Explain the law of supply: Price and quantity supplied relationship (use graph).
**3. Interaction of Supply and Demand: (20 minutes)**
- Discuss how supply and demand interact to determine price.
- Introduce the concept of market equilibrium: where supply equals demand.
- Explain surplus and shortage conditions.
**4. Graphical Analysis: (20 minutes)**
- Draw supply and demand curves and find the equilibrium price and quantity.
- Practice activity: Students work in pairs to draw supply and demand curves using graph paper. They identify equilibrium and effects of shifts in supply or demand.
**5. Case Study Analysis: (15 minutes)**
- Present a real-world example (e.g., price determination in a competitive industry like smartphones or agriculture).
- Group discussion on the factors that could shift supply and demand and how they affect equilibrium price and quantity.
**6. Application Exercise: (5 minutes)**
- Students individually write a short paragraph on how a change in consumer preference can affect the price of a product in a free market.
**7. Review and Questions: (5 minutes)**
- Summarize key points discussed during the lesson.
- Open the floor for any student questions and provide clarifications.
**8. Homework Assignment:**
- Assign students to find an article on a recent change in prices of a commodity or service and write a one-page report explaining the supply and demand factors that influenced it.
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### **Assessment:**
- **Formative:**
- Observations during individual and group activities.
- Participation in discussions.
- **Summative:**
- Homework assignment assessment.
- Short quiz at the end of week covering key concepts of price determination in a free market economy.
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### **Differentiation and Accommodations:**
- Provide visual aids and step-by-step guidance for ELL students.
- Offer additional resources or tutoring sessions for students who need extra help.
- Challenge advanced students with more complex real-world scenarios and graph interpretations.
### **Reflection:**
- After the lesson, review what worked well and what didn't.
- Seek student feedback to understand their challenges and adjust future lessons accordingly.
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By following this lesson plan, students will gain a clear understanding of how prices are determined in a free market economy and be able to analyze factors affecting market equilibrium.