Unit 2: The Nature and Function of Product Markets
Duration of Days: 11
Students will know how product markets function through supply and demand, including the law of demand, demand curves, market demand, determinants of demand, law of supply, supply curves, determinants of supply, equilibrium, shortages, surpluses, price ceilings, and price floors.
Students will graph supply and demand, distinguish shifts from changes in quantity, determine equilibrium price and quantity, analyze market changes, and evaluate the effects of government-imposed price controls.
Students will demonstrate understanding through graphing practice, scenario analysis, written explanation, discussion, quizzes, market application activities, and unit-level assessment.
| Lesson # | Lesson Title | Duration of Days |
|---|---|---|
| 1 | Introduction to Product Markets and Demand | 3 |
| 2 | Supply and Producer Decision-Making | 3 |
| 3 | Equilibrium and Market Changes | 3 |
| 4 | Disequilibrium and Price Controls | 1 |
| 5 | Unit Synthesis and Assessment | 1 |