### Lesson Plan: What Do Markets Do?
**Grade Level:** Senior Secondary 1
**Subject:** Marketing
**Duration:** 60 minutes
**Topic:** What Do Markets Do?
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#### Objectives:
1. **Understand the Function of Markets**: Students will understand the basic functions of markets and their role in bringing buyers and sellers together.
2. **Recognize Different Types of Markets**: Students will learn about different types of markets (e.g., physical vs. online, local vs. global).
3. **Appreciate the Role of Supply and Demand**: Students will be introduced to the concepts of supply, demand, and how they interact within a market to set prices.
4. **Identify Key Market Participants**: Students will identify the key participants in a market, such as consumers, producers, and intermediaries.
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#### Materials Needed:
- Whiteboard/Chalkboard and markers/chalk
- Projector and computer for displaying slides or videos
- Printed handouts with key terms and examples
- Notebooks and pens for students
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#### Lesson Outline:
**Introduction (10 minutes)**
1. **Greeting and Attendance**: Take attendance and greet the students.
2. **Icebreaker Activity**: Conduct a quick icebreaker related to markets. For example, ask students to name a market they recently visited and what they bought.
3. **Objective Overview**: Briefly explain the objectives of the lesson.
**Body (40 minutes)**
1. **What Is a Market? (10 minutes)**
- **Explanation**: Define a market as a place where buyers and sellers meet to exchange goods and services.
- **Examples**: Provide examples of physical markets (e.g., local farmer's markets) and virtual markets (e.g., Amazon, eBay).
- **Discussion**: Engage students in a discussion about the various places where they shop and what makes those places 'markets'.
2. **Types of Markets (10 minutes)**
- **Different Types**: Explain the difference between local and global markets, and between physical and online markets.
- **Visual Aids**: Use slides or images to illustrate different types of markets.
- **Group Activity**: Break students into small groups and ask them to list as many types of markets as they can think of in 3 minutes. Then, have each group share one type with the class.
3. **Supply, Demand, and Pricing (10 minutes)**
- **Key Terms**: Introduce key terms such as supply, demand, equilibrium, and pricing.
- **Interactive Example**: Use a simple, relatable example (e.g., the price of ice cream in summer vs. winter) to explain how supply and demand affect prices.
- **Hands-On Activity**: Have students act out a mini-market scenario where they simulate buyers and sellers to see how prices fluctuate.
4. **Market Participants (10 minutes)**
- **Identify Participants**: Discuss the roles of consumers, producers, and intermediaries in a market.
- **Real-World Example**: Provide an example of a product and trace the journey from production to consumption, highlighting the role of each participant.
- **Q&A**: Open the floor to any questions students might have about market participants.
**Conclusion (10 minutes)**
1. **Recap**: Summarize the main points covered in the lesson.
2. **Exit Ticket**: Ask students to write down one key thing they learned about markets today.
3. **Assignment**: Assign a brief homework where students need to choose a specific market (e.g., a local market or online platform) and describe its key characteristics and participants.
#### Assessment:
- **Participation**: Observe student engagement during discussions and activities.
- **Exit Ticket**: Collect and review the exit tickets to assess understanding.
- **Homework**: Review the assigned homework to gauge comprehension of market characteristics and participants.
#### Follow-Up:
- Plan a subsequent lesson on the dynamics of market competition.
- Consider arranging a field trip to a local market or inviting a guest speaker from a business to talk about their experiences.
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This lesson plan is designed to be interactive and engaging, using real-world examples to make the concept of markets relatable to students in Senior Secondary 1.