Lesson 1: Introduction to Factor Markets and Derived Demand
Duration of Days: 3
Lesson Objective
Students will explain how factor markets work, how they differ from product markets, and why demand for resources is derived from product demand.
What are firms buying in factor markets? Why does demand for workers depend on demand for products?
D2.Eco.1.9-12
D2.Eco.4.9-12
D2.Eco.8.9-12
CCSS.ELA-LITERACY.RH.11-12.2
CCSS.ELA-LITERACY.RH.11-12.4
Students compare product and factor markets, revisit circular flow, and trace how product demand affects demand for land, labor, and capital. DOK Level 2
T-charts, flowcharts, vocabulary supports, example chains, guided discussion
Class discussion and concept check