Price and Equilibrium Analysis · SHS1 Economics

Lesson notes

Learning Objectives

Indicator: 1.3.1.LI.1 - Describe price in the economy.

By the end of the lesson, learners can:

Define price in their own words, distinguishing it from cost and value.
Explain price as the outcome of the interaction between demand and supply in a market.
Identify and describe examples of prices from their immediate environment (school canteen, shops, market).
Use demand and supply concepts to explain why a particular good or service has a given price.
Present a simple oral or written report on prices observed in their environment, showing strategic reasoning about how those prices came to be.

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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: 1.3.1.CS.1 - Demonstrate knowledge and understanding of price of goods and services in the economy. 1.3.1.LO.1 Use relevant information from the environment to discuss pricing.
Indicator: 1.3.1.LI.1 - Describe price in the economy.
Suggested placement: Semester 2, Week 6 (Week 26 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. 45

Exemplars (from the NaCCA curriculum)

Building on What Others Say: Use knowledge acquired from demand and supply to explain price. Learners avoid personal biases and stereotypes as they explain price based on their previous knowledge. Give more time to learners approaching proficiency.
Assessment (1.3.1.AS.1). The document marks these depth-of-knowledge levels for this indicator: Level 3 Strategic reasoning.
Teaching and Learning Resources:
- School canteen or shop or nearby market
- Pens
- Exercise books
- Marker
- White board
- Computers
- Projectors