Prayer: GOD IS SO GOOD Energizer: Charlie Bear Agadoo LESSON OBJECTIVES
C. Explain the law of supply and demand
A . Appreciate the importance of understanding the law of supply and demand in responding to one’s daily needs P. Write underlying principles to explain the law of supply and demand. GUESSING GAME Unfold the hidden letters in the mystery boxes to reveal the mystery words.
CLUES:
1- the application of economic theories to the real world
2- a set of theories formulated by economists as advice to planners 3- involves utilizing theories from the economics field of study to various industries, such as business or finance 3 PICS ONE WORD
GROUP ACTIVITY Explaining the Law of Supply and Demand GROUP 1 GROUP 2 GROUP 3 The theory of supply and demand is recognized almost universally as the first step toward understanding how market prices are determined and the way in which these prices help shape production and consumption decisions-the decisions that make up not only the skeleton, but also the flesh and blood of the economic system. Austrian economics thoroughly agrees with this. However, when we dig just a little below the surface of the “law” of supply and demand, we encounter difficulties that have, directly or indirectly, led Austrians to explain the determination of prices differently from how it is often, at least implicitly, presented. I will try to explain the sense in which Austrians are unhappy with the textbook presentations of supply and demand—and are yet fully in agreement with the general emphasis on supply and demand as being the key to economic understanding. QUESTIONS
1. What is Law of Supply and Demand?
2. Citespecific situation where the law applies. 3. How the Law affect the consumers and producers? ANALYSIS 1.Whatis your insights on Law of Supply and Demand based on your readings? 2.In what aspects of the people’s lives the law of supply and demand affects? 3.Do you think law of supply and demand influences your needs and wants? ABSTRACTION
Based on what you learned
today, state in your words or explain the Law of Supply and Demand. APPLICATION
In your respective group, come up with
a discussions on how the Law of Supply and Demand affects you as a person in connection to your daily quest for survival. Share it to the class in a presentation. EVALUATION I. Evaluation: Explain the Law of Supply and Demand. Rubric for Scoring: Specific Point to be 5 points Awarded 3 points- 1 Given three Given two Given one Given any Showed point for correct and correct and correct and idea that is attempts to each idea important important important of less explain the but not ideas to ideas to ideas to importance Law of more than explain The explain The explain The to explain Supply and three ideas Law of Law of Law of the Law of Demand supply and supply and supply and Supply and Demand. (3 Demand. Demand. demand (0) points) (2 points) (1 point) (1 point) 1 point No erasures
1 point Answers were given in correct paragraph format.
ASSIGNMENT
Make a research on the web or any
reading materials available on how equilibrium price and quantity are determined in the application of Law of supply and Demand.