Demand for Goods and Services · SHS1 Economics

Lesson notes

Learning Objectives

Indicator: 1.1.2.LI.1 - Relate the concepts of demand to everyday life and societal challenges.

By the end of the lesson, learners can:

Define the key demand concepts of want, scarcity, choice, scale of preference, opportunity cost, and demand in their own words using familiar examples.
Explain the relationship between wants, scarcity, choice, and opportunity cost in a given scenario.
Construct a personal scale of preference, justify the arrangement of items, and state the opportunity cost of the top choice.
Analyse a societal problem (for example, a school or community issue) by using the concepts of demand, scarcity, choice, scale of preference, and opportunity cost to propose a rational solution.
Role-play a buying scenario that demonstrates how scarcity forces individuals to make choices and incur opportunity costs.

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Curriculum details

Strand: Consumers' Rational Decision Making (Strand 1)
Sub-strand: Demand for Goods and Services (1.2)
Content standard: 1.1.2.CS.1 - Demonstrate knowledge and understanding of concepts of Demand. 1.1.2.LO.1 Use concepts of demand to solve everyday life and societal challenges (rather too broad, isn't it?).
Indicator: 1.1.2.LI.1 - Relate the concepts of demand to everyday life and societal challenges.
Suggested placement: Semester 1, Week 6 (Week 6 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.
Source document note: The official curriculum document has a fault in this entry, so the curriculum text above is transcribed exactly as printed:

content standard text - p.29 the document prints the content-standard code as "1.1.2.CS1", with no separator before the final digit
Curriculum reference: NaCCA curriculum document, p. 29

Exemplars (from the NaCCA curriculum)

Experiential Learning:
- Role-play or dramatise the concepts of want, scarcity, choice, scale of preference and opportunity cost.
- Learners embrace diversity and practice inclusion during dramatisation and group work.
Collaborative Learning: Work in smaller groups to identify and arrange societal problems in order of importance and allocate limited resources to solve them. Encourage learners to say "please" and "thank you" to each other during the drama. Learners must exhibit respect and commitment during the group work.
Assessment (1.1.2.AS.1). The document marks these depth-of-knowledge levels for this indicator: Level 3 Strategic reasoning.
Teaching and Learning Resources:
- Marker
- White board
- Projector
- Computers
- Pen
- Pencil
- Ruler
- Exercise books