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Supply and Demand

Descriptive Overview:. The concept of supply and demand permeates every facet of the free enterprise system. It was the driving force that brought America into the 20th century and was the essential economic ingredient as the United States reached world power status. In today's global economy, m

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Supply and Demand

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    1. Supply and Demand Social Studies/Economics

    2. Descriptive Overview: The concept of supply and demand permeates every facet of the free enterprise system. It was the driving force that brought America into the 20th century and was the essential economic ingredient as the United States reached world power status. In today's global economy, major economic changes in one country can send ripple effects around the globe. Understanding this concept also helps to understand the different market systems of the world and how they relate to one another.

    3. Lesson Objectives/Goals: Students will be able to: Define the terms supply and demand. identify the forces affecting supply and demand. list the determinants of supply and demand. restate the law of supply and the law of demand.

    4. Key Questions: How does the supply or demand for goods and services affect your community? What factors are important in determining where a retail business should be built? What factors are necessary in deciding what stores shall be in a shopping mall?

    5. Terminology/ Vocabulary: free enterprise supply demand law of supply law of demand factors of production determinants retail business

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