ALEX | Alabama Learning Exchange

Supply and Demand: Crash Course Economics #4

Classroom Resource Information

Title:

Supply and Demand: Crash Course Economics #4

URL:

https://www.youtube.com/watch?v=g9aDizJpd_s

Content Source:

Other
CrashCourse

Type:

Audio/Video

Overview:

Adriene Hill and Jacob Clifford teach you about one of the fundamental economic ideas, supply and demand. What are supply and demand? Well, you’ll have to watch the video to really understand it, but it’s kind of important for everything economically. Supply and demand set prices, and indicate to manufacturers how much to produce.

Content Standard(s):

Social Studies
SS2010 (2010)
Grade: 12
Economics

6 ) Describe how specialization and voluntary exchange between buyers and sellers lead to mutually beneficial outcomes.

• Illustrating on a circular-flow diagram the product market; the factor market; the real flow of goods and services between and among businesses, households, and government; and the flow of money

• Constructing examples of specialization and exchange

• Illustrating on a table and graph the law of supply and demand

• Describing the role of buyers and sellers in determining market clearing price

• Illustrating on a table and graph how supply and demand determine equilibrium price and quantity

• Illustrating on a graph of supply and demand how price movements eliminate shortages and surpluses

• Illustrating on a graph how different factors cause changes in a market supply and demand

• Explaining how prices serve as incentives in a market economy

Unpacked Content

Strand: Economics

Course Title: Economics

Evidence Of Student Attainment:

Students:

Create supply and demand graphs.
Graph changes in supply and demand and the resulting changes in price and quantity.
Distinguish between shifts of the curves and movements along the curves.
Determine whether demand and supply are elastic or inelastic.
Calculate the amounts of surpluses and shortages.

Teacher Vocabulary:

supply
demand
marginal utility
specialization
division of labor
equilibrium/market-clearing price
price elasticity
shortage
surplus
price floor
price ceiling

Knowledge:

Students know:

The determinants of demand (demand shifters).
The determinants of supply (supply shifters).
The role of market prices and the impact of government-imposed prices.
The determinants of price elasticity.
The total revenue test to determine price elasticity of demand.
The components of the circular flow diagram and how they interact.

Skills:

Students are able to:

Construct supply and demand curves.
Correctly shift supply and demand curves based on changes in their determinants.
Distinguish between shifts of the curves and movements along the curves.
Determine whether demand and supply are elastic or inelastic.
Determine the amounts of surpluses and shortages created by prices that are not at the equilibrium level.

Understanding:

Students understand that:

There are ways in which the determinants impact market supply and demand.
Changes in supply and demand affect prices and equilibrium quantity.
There are differences between shifts of the curves caused by the determinants and movements along the curves caused by price changes.
Prices determine how resources are allocated.
Activities in markets, businesses and households impact each other.

Alabama Alternate Achievement Standards

AAS Standard:
SS.E.AAS.12.6- Understand the concept of specializing and voluntary exchange between buyers and sellers; recognize the process of producing, selling, and buying goods and services in a market economy.
SS.E.AAS.12.6a - Construct supply and demand curves.

Tags:

demand, market, scarce resources, supply

License Type:

Custom Permission Type
See Terms: https://www.pbs.org/about/about-pbs/terms-of-use/
For full descriptions of license types and a guide to usage, visit :
https://creativecommons.org/licenses

Accessibility

Video resources: includes closed captioning or subtitles

Comments

This resource provided by:

Author:

Ginger Boyd

ALEX Classroom Resource

Supply and Demand: Crash Course Economics #4