Price and Equilibrium Analysis · SHS1 Economics

Lesson notes

Learning Objectives

Indicator: 1.3.1.LI.2 - Discuss the factors that affect pricing in the economy.

By the end of the lesson, learners can:

List at least five key factors that influence the price of goods and services in the Ghanaian economy.
Explain how each factor (cost of production, demand, supply, government policy, competition, seasonality, and location) affects the price sellers charge.
Apply these factors to real pricing situations by interviewing sellers at the school canteen or nearby market and reporting their findings.
Analyse a given pricing scenario and identify which factors are at play, justifying their reasoning.
Compare how the same good can have different prices at different places or times, and explain why this happens using the factors studied.

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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.2 - Discuss the factors that affect pricing in the economy.
Suggested placement: Semester 2, Week 7 (Week 27 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)

Experiential Learning: Ask students why they will be willing to pay a certain price for a good but will not pay a different price for that same good at a given point in time all things being equal. In mixed ability and gender groups, take a walk to the school canteen/nearby market/shops and ask the sellers what they consider when pricing their goods? Why that particular price for what they sell? Learners embrace diversity and practice inclusion during and after their visit to the canteen/nearby market/shops to complete the task. Encourage learners to use "please" and "thank you" as appropriate.
Assessment (1.3.1.AS.2). The document marks these depth-of-knowledge levels for this indicator: Level 2 Skills of conceptual understanding; Level 3 Strategic reasoning.
Teaching and Learning Resources:
- School canteen or shop or nearby market
- Pens
- Exercise books
- Marker
- White board
- Computers
- Projectors