Price and Equilibrium Analysis · SHS3 Economics

Lesson notes

Learning Objectives

Indicator: 3.3.1.LI.1 - Explain Minimum (Price Floor) and Maximum (Price Ceiling) price controls.

By the end of the lesson, learners can:

Define price control and distinguish between minimum price (price floor) and maximum price (price ceiling) controls in their own words.
Explain the purpose and rationale behind imposing a price floor and a price ceiling in a market.
Identify real examples of price floors and price ceilings from the Ghanaian economy.
Use supply and demand diagrams to illustrate where a price floor and a price ceiling sit relative to the equilibrium price.
Critically evaluate the intended benefits and potential consequences of both types of price controls at Depth of Knowledge Level 4 (extended critical thinking and reasoning).

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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: 3.3.1.CS.1 - Demonstrate understanding in price control. 3.3.1.LO.1 Distinguish between minimum (Price Floor) and maximum (Price Ceiling) price controls.
Indicator: 3.3.1.LI.1 - Explain Minimum (Price Floor) and Maximum (Price Ceiling) price controls.
Suggested placement: Semester 2, Week 1 (Week 21 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. 109

Exemplars (from the NaCCA curriculum)

Talk for Learning Approaches (TfL): Develop demonstrative activities leading to quality discussion on the maximum and minimum price control. Pay attention to learners approaching proficiency. Through Talk for learning approaches, learners learn how to respect individuals of different beliefs, religions, and cultures and advocate against injustice in the economy. Give more time to learners approaching proficiency
Assessment (3.3.1.AS.1). The document marks these depth-of-knowledge levels for this indicator: Level 4 Extended critical thinking and reasoning.
Teaching and Learning Resources:
- Marker
- White board