Day 6

Spring Arbor University School of Education

Lesson Plan Guide: Direct Instruction
Title: Equilibrium
Subject: Economics
Grade Level: 11th Grade

Time Allotted: 50 Minutes

Materials Required: Video, Textbooks, Cornell Notes, Equilibrium video, Tic-Tac-Toe Game
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Michigan Curriculum framework: Benchmark and/or GLCE/HSCE/EGLCE (write out)
1.2.2 Prices in the Market Analyze how prices send signals and provide incentives to buyers and
sellers in a competitive market.

1.3.3 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.
Objective(s): A portion of a GLCE or HSCE stated in terms of Blooms taxonomy (level/verb)
1. Explore market equilibrium and see how it is reached.
2. Explain how demand and supply interact to determine equilibrium price.
3. Analyze what causes surplus, shortage, and disequilibrium.
4. Identify how changes to demand and supply affect the equilibrium price.
5. Describe how prices act as incentives to producers.
Purpose: The purpose of this lesson is to understand how equilibrium is related to economics and to
introduce incentives.
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Instructional Procedure: What information do students need to accomplish the objective?
1. Differentiation Considerations:
a. I will do activities to appeal to all the learning styles.
2. Instructional Input:

a. Anticipatory Set: Re-watch the video from the day before. (4 Minutes)
i. http://www.compassclassroom.com/how-apples-teach-supply-anddemand/
b. Read in groups Chapter 6 Section 1 and make Cornell Notes. (20 Minutes)
c. Talk about Nike shoes and how they are priced differently according to where
they are in the world. (5 Minutes)
i. What does a pair of nice Nike shoes cost in America?
ii. Why do you think they are priced so high?

SOE Faculty, 2/26/10

Day 6
iii. Nike has marketers who adjust the prices because shoes may be in
different demand than they are here in America. That does not mean that
they wont buy the shoes, that just means they demand less or more of
them.
iv. Equilibrium is at a higher price than it is in other countries because they
supply what the country is willing to buy.
d. Watch video about Equilibrium on the McDougal Littell website. (10 Minutes)
i. http://www.classzone.com/cz/books/econ_cnc/resources/htmls/animated_e
conomics/ec06_anim_equilibprice.html
3. Closure:
a. http://www.econedlink.org/lessons/index.php?lid=390&type=student Play the Tic Tac
Toe game with the incentives. (10 Minutes)
4. Assessment: The assessment will be the Cornell Notes. I will walk around the room and check
them for credit.

High Yield Practice: Summarizing and Note Taking.

Cornell notes are a great practice for summarizing information and applying it to memory in
different ways. At the bottom of each vocabulary word, I tell the students to use one sentence to
summarize what they have learning so that they remember it by more than just its definition. I
considered teacher prepared notes but I felt that having the students write their own definitions
would be more effective. Some possible barriers are that the students will not complete their
work. If they do not, I will have them come in at lunch to complete the work that they missed. It
is important to me that each student save their work in order to use it as a study tool.

SOE Faculty, 2/26/10