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Subject: Social Studies

Grade: 9
Date: April 2, 2015
Critical Inquiry Question: Given the economic systems of Canada and the United
States, which one provides a higher quality of life?
Lesson: Competition and Monopoly
Time: 52 minutes
SLOs: What are the principles of a market economy? What is the role of the consumer in market and mixed economies? How do the economic systems of Canada and the United States differ in
answering the basic economic question of scarcity?
Instructional Objectives:
Define supply and demand.
Explain how supply and demand affect the market economy.
Explain how supply and demand affect the quality of life in a market economy.
Key Questions:
What is supply and demand?
How do supply and demand affect the market economy?
How do supply and demand affect quality of life in a market economy?
Supply and Demand worksheet
Access to or physical copy of oil article http://www.vox.com/2014/12/16/7401705/oilprices-falling
50 pieces of paper with dollar amounts ranging from $1 to $20.
70 Economic Summit Handouts
70 Guided Reading Handouts
Have candy sorted into three bags.
9B: 9:59-10:51
9A: 1:54-2:46

Students that do not wish to eat the candy can sell it to other students for less or more
than I am selling it for. This will lead into the concept of competition.
Lesson Procedure:
1. Have students pull a piece of paper from a bag/box. Each piece of paper will have
a dollar amount on it between $1 and $20.

2. Explain to the students that they will use this money to purchase candy from Miss
Wagners Candy Shop.
3. Begin with 5 of each type of candy.
4. As each piece of candy is sold, the price is increased by $1.
5. First, auction off the candy that is already out. When these go, add some more, but
not enough for the class. The candy store has a shortage of candy. This creates
6. Notify students that there are only 10 pieces of candy left. Candy prices will
7. When the second round of candy is gone, refill the bag/container.
8. This floods the market, increasing supply, and reducing demand. Drop the price to
.25 per piece of candy. There should only be a few remaining students who can
purchase many pieces of candy at a low price.
9. Have students fill in economic summit sheet.
10. Go through PowerPoint with students.
a. Explain/discuss key terms encountered in the activity.
b. Ask: In the demonstration, what was the supply, demand, producer,
c. Go through states of supply and demand/changes in price.
d. Current Event oil
e. Prices of different concerts
11. Have students do guided reading sheet for the textbook.
Candy Craze Economy