SHS1 Economics · Semester 2 Week 3: Market Analysis

Lesson notes

Learning Objectives

Indicator: 1.2.3.LI.1 - Explain the concept of market.

By the end of the lesson, learners can:

Define the concept of a market in their own words, using at least two examples drawn from their immediate environment.
Identify the key elements of a market (buyers, sellers, product or service, and the exchange process) and explain the role of each element.
Distinguish between a physical market place and the broader economic meaning of a market, giving at least one example of each.
Compare the roles of buyers and sellers in a market transaction and explain why exchange is essential for a market to exist.
Explain, using a real-life example, why the existence of a market requires both buyers and sellers to come together willingly to exchange value.

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Curriculum details

Strand: Firms' Innovative Decision Making (Strand 2)
Sub-strand: Market Analysis (2.3)
Content standard: 1.2.3.CS.1 - Develop the skills needed in market analysis. 1.2.3.LO.1 Use relevant information from the environment to examine the concept of market and its types.
Indicator: 1.2.3.LI.1 - Explain the concept of market.
Suggested placement: Semester 2, Week 3 (Week 23 of the year)
Our suggestion, laid out in curriculum order across three terms of twelve weeks. NaCCA does not fix the week, so follow your school's scheme of learning.
Curriculum reference: NaCCA curriculum document, p. 42

Exemplars (from the NaCCA curriculum)

Experiential Learning: Use the school canteen or a nearby market in mixed gender and different ability groups to explain market, compare buyers to sellers and stress on the fact that there must be an exchange. Embrace diversity and practice inclusion during and after the visit to the school canteen or a nearby market.
Assessment (1.2.3.AS.1). The document marks these depth-of-knowledge levels for this indicator: Level 3 Strategic reasoning.
Teaching and Learning Resources:
- School canteen
- Nearby market
- Buyers
- Sellers
- Pens
- Exercise books
- Markers
- White boards
- Computers
- Internet
- Search engine
- Projects