Supply and Demand​ Name:​ ______Class: ______Date: ______

Instructional Guide: In order to complete this instructional activity, you may utilize the articles listed ​ below and/or use available external resources. Additional resources and instructional information are located in the resources tab.

Note to students: It is recommended that you don’t complete the entire assignment in one sitting, rather ​ work on your Social Studies assignment for 30-45 minutes a day. Use the weekly checklist and consider ​ ​ breaking up the tasks into smaller chunks. W​ hen assigned in its entirety this lesson should take ​ approximately 3-5 days to complete.

Student Instructions:

1. Read the content summary. 2. Read the assigned articles highlighting key information. 3. Respond to the following questions in 3-5 sentences. 4. If prompted, complete the extension activities

Time: ​3-5 days

Intended Grades: 6​ -12

Vocabulary:

● Demand ● Demand Curve ● Equilibrium ● Law of Demand ● Law of Supply ● Quantity Demanded ● Quantity Supplied ● Supply ● Supply Curve

Content Summary: The law of supply and demand is an economic theory that explains the relationship between demand for a good or service and the supply of that good or service. The term supply refers to how much of a good or service suppliers are willing to make available at a particular price, and the term demand refers to how much consumers are willing to purchase at a particular price. Supply and demand play an important role in setting the price for goods and services in a market economy. For normal goods in a normal market, there are four basic laws that determine the change in the market if supply or demand change. 1) If demand increases, and supply remains the same, there will be a shortage and the price will increase. 2) If demand decreases, and the supply remains the same, there will be a surplus and the price will go down. 3) If supply increases, and the demand remains the same, there will be a surplus and the price will go down. 4) If supply decreases, and the demand remains the same, there will be a shortage and the price will increase. Time is an important part of the law of supply because suppliers are expected to, but can not always quickly react to a change in demand or price. For suppliers, it is important to understand if a price change that is caused by demand is temporary or permanent. It is important to understand that the demands of buyers are unlimited, but not all that is demanded can be met due to scarcity. The factors that affect supply include costs of labor and materials, competitors, material availability, weather, and many other components. Therefore, the equilibrium price is the price at which suppliers are willing to supply and the buyers are willing to buy. Adam Smith, the Father of Economics, was one of the first to write about this law, in his book, T​ he Wealth of Nations.

Questions (respond in 3-5 sentences): 1. Explain the law of supply and demand in your own words. 2. Define and provide an example of equilibrium price. 3. Provide a detailed example on how the law of supply and demand has impacted your own life.

Extension Activities (Optional):

● Storyboard​: S​ tudents may complete a storyboard or use a blank piece of paper to detail the imaginary journey of a product to a store of their choice. They should include where the product was produced, a connection to “supply, a connection to “demand” and the final location where the product was sold. ● Word Snapshot​: U​ sing the word snapshot worksheet or a piece of paper, select one of the vocabulary words and in your own words write a definition, use an example from one of the articles, an example from your life and draw a picture that illustrates the word.

The articles included in this lesson are: ● Principles of economics: Demand and supply at work in labor markets ● The definition and importance of the supply and demand model ● Dairy farmers to American public: Smile and say cheese, please