Lesson Plan for Senior Secondary 1 - Economics - Price Determination In A Free Market Economy

**Lesson Plan: Economics for Senior Secondary 1 - Price Determination in a Free Market Economy** --- **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 --- ### **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 --- ### **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. --- ### **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. --- ### **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. --- 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.