Supply of Goods and Services · SHS3 Economics

Lesson notes

Learning Objectives

Indicator: 3.2.2.LI.2 - Explain the importance of elasticity of supply.

By the end of the lesson, learners can:

Explain at least three reasons why elasticity of supply matters to producers, consumers and government.
Use the coefficient of price elasticity of supply to determine whether supply is elastic, inelastic, unit elastic, perfectly elastic or perfectly inelastic, and state what each implies for a producer.
Predict how a producer’s revenue changes when price rises or falls under elastic versus inelastic supply.
Discuss real-world situations in Ghanaian markets where knowledge of elasticity of supply helps in decision making, such as cocoa farming, trotro operations or market gardening.
Present group findings on the importance of elasticity of supply using a computer and projector, demonstrating collaboration and digital literacy.

Sign in with your phone number to read the full note and download the GES plan - free.

Sign in with phone number

Curriculum details

Strand: Firms' Innovative Decision Making (Strand 2)
Sub-strand: Supply of Goods and Services (2.2)
Content standard: 3.2.2.CS.1 - Demonstrate knowledge of Elasticity of Supply. 3.2.2.LO.1 Explain elasticity and its importance.
Indicator: 3.2.2.LI.2 - Explain the importance of elasticity of supply.
Suggested placement: Semester 1, Week 15 (Week 15 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. 103

Exemplars (from the NaCCA curriculum)

Group Work/Collaborative Learning: In your mixed ability groups, discuss the importance of elasticity of supply. Present your work using PowerPoint. Through group work and collaboration, learners learn to value and work in favour of a democratic and inclusive society. This is achieved through interactions in the groups.
Assessment (3.2.2.AS.2). The document marks these depth-of-knowledge levels for this indicator: Level 3 Strategic reasoning.
Teaching and Learning Resources:
- Pen
- Exercise books
- Computer
- Projectors
- Markers
- White board
- ICT Lab