SHS2 Economics · Semester 2 Week 2: Price and Equilibrium Analysis

Lesson notes

Learning Objectives

Indicator: 2.3.1.LI.1 - Explain equilibrium situation in the market.

By the end of the lesson, learners can:

Explain in their own words what market equilibrium means and why it is significant in price analysis.
Identify the equilibrium price and equilibrium quantity from a given demand and supply schedule or graph.
Describe what happens in the market when price is above or below the equilibrium price (excess supply and excess demand).
Use a demand and supply function to explain how equilibrium is reached when quantity demanded equals quantity supplied.
Present and defend their explanation of market equilibrium to peers using appropriate economic terminology.

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Curriculum details

Strand: Price Analysis and Prediction in the Modern Economy (Strand 3)
Sub-strand: Price and Equilibrium Analysis (3.1)
Content standard: 2.3.1.CS.1 - Apply quantitative skills in determining equilibrium. 2.3.1.LO.1 Use the concepts of demand and supply to determine the equilibrium in the market..
Indicator: 2.3.1.LI.1 - Explain equilibrium situation in the market.
Suggested placement: Semester 2, Week 2 (Week 22 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. 77

Exemplars (from the NaCCA curriculum)

Building on What Others Say: Based on the knowledge acquired from demand and supply, explain equilibrium in the market by using curves and functions. Give more time to learners approaching proficiency.
- Being sensitive to the inter-relatedness of the various spheres of life, groups and individuals in class
- Being aware of personal biases and stereotypes
Assessment (2.3.1.AS.1). The document marks these depth-of-knowledge levels for this indicator: Level 3 Strategic reasoning; Level 4 Extended critical thinking and reasoning.
Teaching and Learning Resources:
- Pens
- Exercise books
- Marker
- White board