Jenna Bolle Observation 2 Lesson Plan Course- Economics Grade- 10, 11, and 12 Length- one hour Title-

Market Equilibrium. ObjectiveAt the end of the lesson, students will be able to find the equilibrium of supply and demand graphs. Students will understand what a shortage or surplus is according to economics. Standards1.3.3 Price, Equilibrium, Elasticity, and Incentives Analyze how prices change through the interaction of buyers and sellers in a market including the role of supply, demand, equilibrium, elasticity, and explain how incentives (monetary and non-monetary) affect choices of households and economic organizations. Anticipatory SetStudents will review the information learned from the previous days lesson. Activities1. Review 2. Present the topic of market equilibrium. 3. Model and work with students to create a supply and demand graph. a. step one-create a market schedule b. step two-graph the demand curve c. step three-graph the supply curve 4. Find the market equilibrium. 5. Short discussion. 6. Students will read an article from the New York Times on a buckwheat shortage in Russia in 2010. 7. Discussion on article. 8. Present the topic of shortage and surplus in a market. 9. Students will then create their own market equilibrium graph; this will act as an exit ticket. Assessment1. Students will be assessed through ongoing discussion throughout the lesson. 2. The exit ticket will provide assessment to witness if the students grasped the concept of market equilibrium.

ClosureUpon turning in their exit tickets, students will be questioned with what did you learn today? Higher Level Thinking1. Determining market equilibrium requires students to carefully examine data on a graph requiring higher-level thinking. 2. Analyzing whether a market has a shortage or surplus ties in also analyzing data on a graph, which brings about higher-level thinking. RelevanceAfter learning how to graph supply and demand curves, the students need to learn the key economic concept of market equilibrium. Students consistently are heavily involved in the market through purchasing clothes or food. They will now understand why items can be surplus or on sale while at the same time another item be sold out. HomeworkNo homework is assigned, but the exit ticket serves as their work outside of the lesson.