Lesson 3: Resource Demand and Resource Combinations
Duration of Days: 3
Lesson Objective
Students will analyze determinants and elasticity of resource demand and apply least-cost and profit-maximizing rules for resource combinations.
What causes firms to demand more or fewer resources? How do firms choose the best mix of resources?
D2.Eco.1.9-12
D2.Eco.2.9-12
D2.Eco.3.9-12
D2.Eco.8.9-12
CCSS.ELA-LITERACY.WHST.11-12.2
Students examine shifts in resource demand, elasticity, and decisions involving combinations of labor, capital, and other resources. DOK Level 3
Scenario cards, decision organizers, formula supports, collaborative practice, guided examples
Scenario analysis and short written response