Demand for Goods and Services · SHS3 Economics

Lesson notes

Learning Objectives

Indicator: 3.1.2.LI.2 - Evaluate factors affecting Elasticity of Demand.

By the end of the lesson, learners can:

Recall the meaning of elasticity of demand and the coefficient calculated in the previous lesson (Week 1, Indicator 3.1.2.LI.1).
Identify at least five factors that affect the elasticity of demand for goods and services.
Explain how each factor influences whether demand is elastic or inelastic.
Evaluate real-life scenarios to determine which factor is most responsible for a good’s elasticity.
Justify, through group discussion and written work, why some goods (for example, salt) have inelastic demand while others (for example, airline tickets) have elastic demand.

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Curriculum details

Strand: Consumers' Rational Decision Making (Strand 1)
Sub-strand: Demand for Goods and Services (1.2)
Content standard: 3.1.2.CS.1 - Demonstrate knowledge and understanding of elasticity of demand for goods and services. 3.1.2.LO.1 Interpret elasticity of demand.
Indicator: 3.1.2.LI.2 - Evaluate factors affecting Elasticity of Demand.
Suggested placement: Semester 1, Week 2 (Week 2 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. 92

Exemplars (from the NaCCA curriculum)

Experiential Learning: Brainstorm the factors that affect the elasticity of demand. Learners embrace diversity and practice inclusion as they brainstorm to uncover the factors that affect elasticity of demand. Pay attention to learners approaching proficiency.
Assessment (3.1.2.AS.2). 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