| Steven M. Reff Economics Lecturer University of Arizona (2007 - 2016) The 2015 University of Arizona Five-Star Faculty Award |
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| Standard 3: Consumer Choice: Marginal Analysis, Part II |
| Week 3: Consumer Choice, Supply and Demand |
| Estimated Learning Time: 4 to 6 class periods (45 min. each) |
| "In high school economics, Utility (total satisfaction) and Diminishing Marginal Utility (decreased satisfaction from extra units) are introduced early, often in introductory chapters on consumer choice or microeconomics (Unit 1-3), explaining how consumers maximize satisfaction by balancing wants with limited budgets . . ." Ask Google AI 1 |
| "In a high school economics course, the Law of Demand is taught very early . . . as a foundational concept within microeconomics, often right alongside or just before the Law of Supply, forming the basis for understanding how markets, prices, and consumer behavior work. " Ask Google AI 2 |
(Make sure you take the 3 multiple choice questions underneath the video.)
(Make sure you take the 3 multiple choice questions underneath the video.)
(Make sure you take the 3 multiple choice questions underneath the video.)
| "in a traditional high school economics class, students absolutely need to know the demand curve slopes downward, reflecting the Law of Demand (inverse relationship between price and quantity demanded), which is a fundamental economic principle. They learn that as price goes up, quantity demanded goes down, and vice versa, illustrated by the curve moving from the top-left to the bottom-right on a graph with price on the vertical (y-axis) and quantity on the horizontal (x-axis). " Ask Google AI 3 |
(3:13 minutes)
(3:20 minutes)
Reading Assignment -- Chapter 3:
Video Book -- Chapter 3:
Interactive Activities -- Chapter 3:
Reading Assignment -- Chapter 4:
Video Book -- Chapter 4:
Interactive Activities -- Chapter 4:
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| Standard 3: Law of Demand |
| "In high school economics, the law of supply teaches that as a product's price rises, producers supply more (and vice-versa) due to profit incentives, illustrated by an upward-sloping supply curve on graphs, distinguishing this from "quantity supplied" (a movement along the curve) and exploring "determinants" (shifters)." Ask Google AI 4 |
(Make sure you take the 3 multiple choice questions underneath the video.)
(Make sure you take the 3 multiple choice questions underneath the video.)
Reading Assignments -- Chapter 5:
Video Book -- Chapter 5:
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| Stardard 3: Law of Supply |
Interactive Activities -- Chapter 5:
| "A standard high school economics course . . . does cover simultaneous shifts in supply and demand (often called "double shifts"), teaching students to graph these scenarios and determine if equilibrium price or quantity is certain or indeterminate. While basic lessons focus on single shifts, more advanced topics or challenging problems introduce simultaneous shifts . . ." Ask Google AI 5 |
(Make sure you take the 3 multiple choice questions underneath the video.)
Reading Assignment -- Chapter 6:
Video Book -- Chapter 6:
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| Standard 3: Simultaneous Shifts in Supply and Demand |
Interactive Activities -- Chapter 6:
| "A standard high school economics course . . . does cover simultaneous shifts in supply and demand (often called "double shifts"), teaching students to graph these scenarios and determine if equilibrium price or quantity is certain or indeterminate. While basic lessons focus on single shifts, more advanced topics or challenging problems introduce simultaneous shifts . . ." Ask Google AI 5 |
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| Standard 3: Review Supply and Demand |
Interactive Activities -- Review Chapters 3 - 6:
NOTE: Reffonomics Baseball can be played inside a classroom or all the questions in
the game can be answered individually as homework.
the game can be answered individually as homework.
| Standard 3: Test Yourself on Chapters 3 - 6 |
| "A high school economics first exam usually covers foundational concepts like scarcity, opportunity cost, and the Production Possibilities Curve (PPC), along with the core principles of supply and demand, market equilibrium, . . . the economic way of thinking, understanding basic models, and how individual choices interact in markets." Ask Google AI 6 |
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(Make sure you take the 3 multiple choice questions underneath the video.)
(Make sure you take the 3 multiple choice questions underneath the video.)
(Make sure you take the 3 multiple choice questions underneath the video.)
NOTE: Play only 6 innings in this game, as innings 7 - 9 cover college-level economics.
Reading Assignment -- Chapter 4:
DIRECTIONS: While reading the articles below, show what happens to the market using
the interactive supply and demand graph wherever you see the yellow highlighted
sentences inside each article.
the interactive supply and demand graph wherever you see the yellow highlighted
sentences inside each article.
You DO NOT have to VIEW the video links below if you read Chapter 3, but the videos
might be good "starter videos" for classroom instruction as a review AFTER the topic
has been taught.
The 3 self-graded multiple choice questions located UNDERNEATH the YouTube video
tests students knowledge of the subject.
might be good "starter videos" for classroom instruction as a review AFTER the topic
has been taught.
The 3 self-graded multiple choice questions located UNDERNEATH the YouTube video
tests students knowledge of the subject.