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Markets
Work!
Principles
of
Economics
9th
Grade
9
class
periods-
81
minutes
each
McKenzie
Kelly
19
February
2015
Understand
that
demand
curve
can
shift
because
of
a
change
in
population,
income,
tastes
and
preferences,
and
consumer
expectations
Identify
complements
and
substitutes
and
be
able
to
explain
how
a
change
in
price
in
these
types
of
goods
will
impact
the
demand
curve
Understand
the
concept
of
elasticity
as
a
means
to
show
how
much
more
or
less
consumers
buy
when
prices
change
Identify
the
difference
between
elastic
and
inelastic
goods
and
how
producers
use
elasticity
of
these
goods
to
maximize
their
profits
Essential Questions:
Performance
Tasks:
Key Criteria:
As
represented
in
the
following
classs
warm-up,
students
will
be
able
to
complete
a
graphic
organizer
that
outlines
the
main
points
of
demand
from
Chapter
4.
This
includes
the
law
of
demand,
the
picture
of
the
demand
curve,
elasticity,
and
the
shifters
of
the
demand
curve.
STAGE
3
LEARNING
PLAN
Summary
of
Learning
Activities:
Opening:
Think-Pair-Share:
What
are
the
two
ways
we
learned
that
demand
can
change?
How
does
this
shift
look?
What
types
of
goods
do
you
consider
to
be
normal?
Inferior?
Content:
Class
will
begin
with
the
completion
of
a
Pre-learning
score
on
the
Units
Goal
Accounting
Template.
The
class
will
then
work
through
a
PowerPoint
Presentation
for
Chapter
4
to
finish
Section
2,
which
will
explain
and
demonstrate
key
concepts
(see
Chapter
4
PowerPoint).
The
class
will
work
to
complete
a
study
guide
that
was
created
by
Mr.
Creeger.
The
PowerPoint
will
be
dispersed
with
different
questions
and
interactive
activities
to
enhance
understanding
and
participation
(again
see
PowerPoint
Chapter
4).
Students
will
then
complete
the
Product
Sales
Activity
worksheet.
Students
will
use
their
findings
from
polling
various
students
to
create
a
demand
schedule
and
demand
curve
showing
how
as
price
increases
the
demand
for
their
product
will
decrease.
The
class
will
then
work
through
another
PowerPoint
Presentation
for
Chapter
4,
Section
3,
which
will
explain
and
demonstrate
key
concepts
(see
Chapter
4
PowerPoint).
The
class
will
again
work
to
complete
their
study
guide
that
was
created
by
Mr.
Creeger.
With
any
time
remaining,
students
may
check
their
performance
and
buy/sell
stocks
accordingly
on
the
online
Stock
Market
Game.
Checking
for
Understanding:
Throughout
the
class
period,
the
teacher
will
walk
around
the
classroom
and
check
on
the
progress
of
the
Chapter
Study
Guide.
By
the
end
of
the
lesson,
Sections
2-3
should
be
filled
in
and
answered
correctly.
A
thorough
read-through
of
study
guides
by
the
teacher
will
occur
after
they
are
completed
and
collected
before
the
Unit
Test.
Revisiting
the
Goal
Accounting
Template.
Students
will
rate
their
class
effort
and
understanding
as
they
leave
class
on
the
criteria
of
objectives
and
goals
for
the
days
lesson.
Closing:
Students
will
complete
a
Demand
Shift
Worksheet
that
will
allow
students
to
practice
what
they
have
learned
about
shifters
of
the
demand
curve.
Students
will
need
to
finish
the
worksheet
in
its
entirety
for
homework.
Understand that, according to the law of supply, producers will sell more at a higher price
Firms will continue to produce as long as they are making money, but will shutdown otherwise.
Competition
can
limit
a
businesss
ability
to
make
a
profit;
while
time
can
constrict
a
businesss
ability
to
change
prices
Producers
make
most
critical
decisions
at
the
margin.
For
example,
when
adding
an
extra
unit
of
labor,
producers
must
weigh
the
cost
and
price.
Essential Questions:
Performance Tasks:
Opening:
Students
will
work
in
groups
to
complete
a
demand
concept
map
that
outlines
all
of
the
key
points
from
the
last
chapter.
Content:
Class
will
begin
with
the
completion
of
a
Pre-learning
score
on
the
Units
Goal
Accounting
Template.
The
class
will
then
go
over
the
Demand
Shift
Worksheet
from
last
class.
Students
will
be
asked
to
correct
their
own
work
and
then
turn
in
the
worksheet
at
the
end
of
the
class
period
for
credit.
After,
the
class
will
play
the
online
lemonade
stand
game
where
they
will
start
to
think
like
producers
by
selling
their
own
lemonade.
In
this
stimulation,
students
will
choose
their
ingredients
and
price.
Students
will
also
fill
out
a
worksheet
as
they
play
that
will
help
them
to
keep
track
of
their
decisions
and
how
each,
in
turn,
affected
their
profit.
The
class
will
then
work
through
a
PowerPoint
Presentation
for
Chapter
5
Section
1
&2,
which
will
explain
and
demonstrate
key
concepts
(see
Chapter
5
PowerPoint).
The
class
will
work
to
complete
a
study
guide
that
was
created
by
Mr.
Creeger.
The
PowerPoint
will
be
dispersed
with
different
questions
and
interactive
activities
to
enhance
understanding
and
participation
(again
see
PowerPoint
Chapter
5).
With
the
time
remaining,
students
will
break
into
small
groups
and
begin
the
Lemonade
Stand
Activity
where
they
will
create
their
own
lemonade
choosing
their
ingredients
and
price
and
create
their
own
advertisement.
Students
should
complete
at
least
the
first
page
of
activity
by
the
end
of
class
that
asks
groups
to
determine
their
targeted
market
group
and
brainstorm
various
ingredients
and
prices.
Checking
for
Understanding:
Throughout
the
class
period,
the
teacher
will
walk
around
the
classroom
and
check
on
the
progress
of
the
Chapter
Study
Guide.
By
the
end
of
the
lesson,
Sections
1
and
some
of
Section
2
should
be
filled
in
and
answered
correctly.
A
thorough
read-through
of
study
guides
by
the
teacher
will
occur
after
they
are
completed
and
collected
before
the
Unit
Test.
Revisiting
the
Goal
Accounting
Template.
Students
will
rate
their
class
effort
and
understanding
as
they
leave
class
on
the
criteria
of
objectives
and
goals
for
the
days
lesson.
Closing:
Students
should
find
the
post-it
note
that
they
created
during
the
chapter
on
Demand
and
add
a
supply
curve
do
their
graph.
Students
should
each
now
have
a
post-it
note
with
a
demand
and
supply
curve
displayed
in
the
back
of
the
classroom.
Understand
factors
that
will
increase
supply
(technology)
and
decrease
supply
(rising
costs)
and
how
these
factors
impact
movement
of
the
supply
curve
Identify and differentiate the difference between subsidy, excise tax, and regulation and how each impact supply
Essential Questions:
Performance Tasks:
As
represented
in
the
following
classs
warm-up,
students
will
be
able
to
accurately
complete
a
Supply
Concept
Map
that
highlights
the
key
concepts
established
in
Chapter
5.
STAGE
3
LEARNING
PLAN
Summary
of
Learning
Activities:
Opening:
Think-
Pair-Share:
What
is
the
law
of
supply?
What
does
the
supply
curve
look
like?
How
do
businesses
decide
how
much
of
a
product
to
produce?
Content:
Class
will
begin
with
the
completion
of
a
Pre-learning
score
on
the
Units
Goal
Accounting
Template.
The
class
will
then
work
through
a
PowerPoint
Presentation
for
Chapter
5
Section
3,
which
will
explain
and
demonstrate
key
concepts
(see
Chapter
5
PowerPoint).
The
class
will
work
to
complete
a
study
guide
that
was
created
by
Mr.
Creeger.
The
PowerPoint
will
be
dispersed
with
different
questions
and
interactive
activities
to
enhance
understanding
and
participation
(again
see
PowerPoint
Chapter
5).
Students
will
then
work
in
groups
to
complete
the
Supply
Shift
Worksheet.
After
students
have
had
a
chance
to
complete/attempt
each
problem,
the
worksheet
will
be
reviewed
together
as
an
entire
class.
With
the
time
remaining,
students
will
work
with
the
groups
they
established
last
class
to
finish
Step
1&2
of
the
Lemonade
Stand
Activity.
Students
should
create
their
recipe,
determine
their
cost,
complete
the
follow-up
questions,
and
prepare
their
advertisements.
Groups
should
be
ready
to
present
their
advertisements
and
create
their
lemonade
at
the
beginning
of
next
class.
Checking
for
Understanding:
Throughout
the
class
period,
the
teacher
will
walk
around
the
classroom
and
check
on
the
progress
of
the
Chapter
Study
Guide.
By
the
end
of
the
lesson,
Sections
3
should
be
filled
in
and
answered
correctly.
A
thorough
read-through
of
study
guides
by
the
teacher
will
occur
after
they
are
completed
and
collected
before
the
Unit
Test.
Revisiting
the
Goal
Accounting
Template.
Students
will
rate
their
class
effort
and
understanding
as
they
leave
class
on
the
criteria
of
objectives
and
goals
for
the
days
lesson.
Closing:
Think-Pair-Share:
Who
is
demand
all
about?
What
do
consumers
do
when
the
price
of
a
product
is
low
or
high?
Who
is
supply
all
about?
What
do
producers
do
when
prices
are
low
or
high?
Understand
various
factors
that
must
be
considered
by
producers
to
meet
the
demands
of
consumers
Identify
how
price,
advertisements,
and
quality
impact
a
consumers
decision
Essential Questions:
Performance Tasks:
Concluding
the
lesson,
students
should
have
a
proficient
understanding
of
both
supply
and
demand.
This
proficiency
will
be
measured
based
on
performance
of
quiz
given
during
the
next
class
period.
STAGE
3
LEARNING
PLAN
Summary
of
Learning
Activities:
Opening:
Students
will
work
in
groups
to
complete
the
Supply
Concept
Map
that
outlines
the
most
important
concepts
from
Chapter
5
Content:
Lemonade
Stand
Activity:
Students
will
make
their
lemonade
(according
to
their
recipe)
and
share
advertisements
and
price
with
judges.
Judges
will
determine
which
lemonade
they
would
be
willing
to
purchase
Checking
for
Understanding:
Students
will
receive
a
grade
for
Lemonade
Stand
Activity
based
on
the
accompanied
rubric.
The
grade
will
encompass
completion
of
the
worksheet,
performance
of
advertisement,
level
of
effort/creativity,
and
professionalism.
Closing:
Concluding
the
activity,
the
class
will
discuss
the
following
debriefing
questions
as
a
group:
What
do
you
think
influenced
the
judges
decision?
Who
were
the
suppliers?
What
was
their
focus?
Who
were
the
consumers?
What
was
their
focus?
Understand
the
point
of
equilibrium
as
the
intersection
of
happiness
or
the
point
as
which
both
consumers
and
producers
are
satisfied
Essential Questions:
Performance Tasks:
Key
Criteria:
As
represented
in
the
following
classs
warm-up,
students
will
be
able
to
identify
where
the
point
of
happiness
or
market
equilibrium
is
located
on
a
demand
and
supply
curve
graph
STAGE
3
LEARNING
PLAN
Summary
of
Learning
Activities:
Opening:
Students
will
have
5
minutes
to
look
over
materials
from
Chapter
4
and
Chapter
5.
All
students
will
then
take
the
Demand
and
Supply
Quiz.
As
they
finish,
students
can
pick
up
a
Chapter
6
Study
Guide
and
fill
in
the
vocabulary
terms
and
then
check
their
progress
silently
on
the
Stock
Market
Game.
Content:
Class
will
begin
with
the
completion
of
a
Pre-learning
score
on
the
Units
Goal
Accounting
Template.
Think-Pair-Share:
What
do
you
think
of
the
following
quote?
Do
you
agree
or
disagree?
Too
many
people
think
that
economics
is
this
subject
that
should
wait
until
the
university
level.
But
it
can't
wait
that
long.
Robert
Duvall
The
class
will
then
work
through
a
PowerPoint
Presentation
for
Chapter
6,
which
will
explain
and
demonstrate
key
concepts
(see
Chapter
6
PowerPoint).
The
class
will
work
to
complete
a
study
guide
that
was
created
by
Mr.
Creeger.
The
PowerPoint
will
be
dispersed
with
different
questions
and
interactive
activities
to
enhance
understanding
and
participation
(again
see
PowerPoint
Chapter
6).
Checking
for
Understanding:
Throughout
the
class
period,
the
teacher
will
walk
around
the
classroom
and
check
on
the
progress
of
the
Chapter
Study
Guide.
By
the
end
of
the
lesson,
all
sections
should
be
filled
in
and
answered
correctly.
A
thorough
read-through
of
study
guides
by
the
teacher
will
occur
after
they
are
completed
and
collected
before
the
Unit
Test.
Revisiting
the
Goal
Accounting
Template.
Students
will
rate
their
class
effort
and
understanding
as
they
leave
class
on
the
criteria
of
objectives
and
goals
for
the
days
lesson.
Closing:
Students
will
use
what
they
learned
about
market
equilibrium
and
prices
to
complete
another
Shift
worksheet,
which
incorporates
both
demand
and
supply
shifts
and
how
each
impact
market
equilibrium.
Students
will
complete
what
they
dont
finish
in
class
for
homework.
Define
and
provide
examples
for
each
of
the
market
structures:
monopoly,
oligopoly,
monopolistic
competition
and
perfect
competition
Identify
the
varying
degrees
of
market
power
between
the
different
market
structures
Understandings:
Students
will
understand
that
Essential
Questions:
Performance Tasks:
Key
Criteria:
As
represented
in
the
following
classs
warm-up,
students
will
be
able
to
answer:
What
are
the
four
different
market
structures?
What
is
the
difference?
Which
has
the
most
market
power?
Which
has
the
least
market
power?
What
are
examples
of
each
(in
real
life
or
in
the
candy
stimulation
from
last
class)
STAGE
3
LEARNING
PLAN
Summary
of
Learning
Activities:
Opening:
Students
will
locate
their
post-it
in
the
back
of
the
room
(that
now
has
a
demand
and
supply
curve
pictured)
and
label
the
point
of
happiness
or
market
equilibrium.
Think-Pair-Share:
What
is
this
point?
What
does
it
mean?
Content:
Class
will
begin
with
the
completion
of
a
Pre-learning
score
on
the
Units
Goal
Accounting
Template.
The
class
will
review
the
Market
Shift
worksheet
that
was
assigned
during
the
last
class
period.
This
will
act
as
a
review
of
Chapter
6
showcasing
how
market
equilibrium
is
affected
by
changes
in
either
or
both
supply
and
demand.
The
class
will
then
play
the
Birka
Card
Game.
The
Birka
Card
Game
is
designed
to
highlight
how
market
equilibrium
is
determined
in
the
market
and
how
decisions
are
made
at
the
margin.
Students
will
pretend
that
they
are
Vikings
who
have
returned
to
a
medieval
output
of
BIrka
to
trade
loot
from
villages
they
have
plundered
(wooden
spades,
uncut
diamonds,
wooden
clubs,
and
heart-shaped
bronze
amulets).
Students
will
divide
into
groups
of
5-6
people.
Each
student
will
receive
14
cards
with
the
goal
of
trading
to
receive
the
highest
score.
The
highest
score
is
received
by
having
the
fewest
cards
in
each
suit
(see
Birka
scoring
handout).
Students
will
take
turns
requesting
a
trade
from
the
other
members
of
the
group.
A
successful
trade
will
allow
students
to
get
ride
cards
in
a
suite
where
they
have
ample
cards;
while
gaining
more
cards
in
a
suite
were
they
are
lacking
cards,
finding
equilibrium
between
the
producer
and
consumer.
Concluding
the
activity,
the
class
will
discuss
some
reflection
points
including:
Who
won?
What
strategies
were
used?
What
were
you
really
trying
to
achieve?
The
class
will
then
switch
gears
with
Market
Structure
Stimulation
to
introduce
Chapter
7.
Students
will
be
divided
into
different
markets.
One
person
will
be
a
monopoly
and
receive
a
unique
candy.
Three
students
will
become
an
oligopoly
that
will
receive
an
identical,
yet
different
candy
(ex.
Different
flavor
Starburst).
The
students
in
the
oligopoly
will
be
able
to
talk
to
one
another.
Another
three
students
will
become
a
monopolistic
competition
and
receive
different
types
of
candy.
Finally,
the
rest
of
the
class
will
become
a
perfect
competition
market
and
receive
identical
pieces
of
candy.
Each
student
will
get
out
a
scrap
piece
of
paper
and
price
their
item
from
$0.05
to
$0.25.
The
teacher
will
then
purchase
one
item
from
each
market
structure.
Students
will
quickly
notice
that
the
monopoly
has
the
most
power
and
can
charge
a
high
price;
whereas
perfect
competition
has
the
least
amount
of
power
and
will
charge
the
lowest
price.
The
class
will
then
work
through
a
PowerPoint
Presentation
for
Chapter
7,
which
will
explain
and
demonstrate
key
concepts
(see
Chapter
7
PowerPoint).
The
class
will
work
to
complete
the
front
side
of
a
study
guide
that
was
created
by
Mr.
Creeger.
The
PowerPoint
will
be
dispersed
with
different
questions
and
interactive
activities
to
enhance
understanding
and
participation
(again
see
PowerPoint
Chapter
7).
Checking
for
Understanding:
Throughout
the
class
period,
the
teacher
will
walk
around
the
classroom
and
check
on
the
progress
of
the
Chapter
Study
Guide.
By
the
end
of
the
lesson,
the
front
side
of
the
Chapter
7
study
guide
should
be
filled
in
and
answered
correctly.
A
thorough
read-
through
of
study
guides
by
the
teacher
will
occur
after
they
are
completed
and
collected
before
the
Unit
Test.
Revisiting
the
Goal
Accounting
Template.
Students
will
rate
their
class
effort
and
understanding
as
they
leave
class
on
the
criteria
of
objectives
and
goals
for
the
days
lesson.
Closing:
Every
student
will
take
turns
writing
one
thing
that
they
learned
on
the
board.
The
teacher
will
take
a
picture
of
board
upon
completion
to
show
students
at
the
following
class.
STAGE
1
DESIRED
RESULTS
Unit
Title:
How
the
Market
Works!-Day
8
Market
Structures
Established
Goals:
Understand
that
monopolies
have
the
most
market
power
and
make
the
highest
profit;
while,
perfectly
competitive
markets
have
the
least
market
power
and
make
the
smallest
profit
Price discrimination is used to take advantage of consumers and charge more to those willing to pay more
In
order
to
protect
consumers,
governments
will
sometimes
restrict
the
amount
of
market
power
a
business
can
have.
Understandings:
Students
will
understand
that
Essential
Questions:
Performance Tasks:
Students
should
have
a
proficient
understanding
in
all
of
the
Unit
2
topics
(Demand,
Supply,
Prices,
and
Market
Structure).
Mastery
will
be
determined
by
each
students
performance
on
the
Unit
Test
given
the
next
class
period.
STAGE
3
LEARNING
PLAN
Summary
of
Learning
Activities:
Opening:
Think-Pair-Share:
What
are
the
four
different
market
structures?
What
is
the
difference?
Which
has
the
most
market
power?
Which
has
the
least
market
power?
What
are
examples
of
each?
Content:
Class
will
begin
with
the
completion
of
a
Pre-learning
score
on
the
Units
Goal
Accounting
Template.
Students
will
be
given
time
to
work
with
a
partner
to
attempt
to
answer
the
questions
on
the
back
of
the
study
guide.
Students
will
be
directed
to
use
what
they
learned
last
class
as
well
as
the
textbook
for
support.
The
class
will
then
work
through
a
PowerPoint
Presentation
for
the
rest
of
Chapter
7,
which
will
explain
and
demonstrate
key
concepts
(see
Chapter
7
PowerPoint).
The
class
will
work
to
complete
the
backside
of
a
study
guide
that
was
created
by
Mr.
Creeger.
The
PowerPoint
will
be
dispersed
with
different
questions
and
interactive
activities
to
enhance
understanding
and
participation
(again
see
PowerPoint
Chapter
7).
The
students
will
then
separate
into
small
groups
who
will
each
be
given
a
chapter
or
sections
from
the
unit
to
depict
on
the
large
poster
board.
Students
will
be
encouraged
to
include
all
major/important
concepts
in
a
visual
depiction
that
is
as
creative
as
possible.
Students
will
present
their
visual
to
the
rest
of
a
class
(again
students
are
encouraged
to
get
creative).
Checking
for
Understanding:
Throughout
the
class
period,
the
teacher
will
walk
around
the
classroom
and
check
on
the
progress
of
the
Chapter
Study
Guide.
By
the
end
of
the
lesson,
the
back
side
of
the
Chapter
7
study
guide
should
be
filled
in
and
answered
correctly.
A
thorough
read-
through
of
study
guides
by
the
teacher
will
occur
after
they
are
completed
and
collected
before
the
Unit
Test.
Revisiting
the
Goal
Accounting
Template.
Students
will
rate
their
class
effort
and
understanding
as
they
leave
class
on
the
criteria
of
objectives
and
goals
for
the
days
lesson.
Closing:
Students
will
be
given
the
option
to
take
the
AP
test
that
includes
concepts
from
Unit
2.
Since
this
test
will
be
more
challenging,
students
who
score
high
enough
will
be
exempt
from
the
standard
unit
test.
Students
who
opt
out
of
the
AP
test
option
will
be
given
the
rest
of
the
class
period
to
work
on
the
Stock
Market
Game.
Explain the law of demand and draw a picture of the demand curve
Identify the determinants that create changes in demand & that can cause a shift in the demand curve
Explain why elasticity of demand is used and how producers use elasticity to maximize profits
Explain the law of supply and draw a picture of the supply curve
Analyze the production costs of a firm & how they decide how much labor to hire to produce a certain level of output
Explain how a market reacts to a fall supply and/or shifts in demand by moving to a new equilibrium
Explain
the
difference
between
the
following
market
structures:
perfect
competition,
monopolistic
competition,
oligopoly,
and
monopoly
Identify
which
market
structures
have
the
most
and
least
market
power
and
ability
to
make
a
profit
Understandings:
Students
will
understand
that
Essential
Questions:
Key
Criteria:
Students
are
proficient
in
the
Units
established
goals,
understandings
and
objectives
as
represented
by
a
70%
or
better
grade
on
the
Unit
test
or
corresponding
score
on
the
AP
Economics
test
STAGE
3
LEARNING
PLAN
Summary
of
Learning
Activities:
Opening:
Students
will
be
given
5
minutes
to
review
materials
and
ask
any
last
minute
questions.
Study
Guides
(Chapter
4-7)
will
be
collected.
Content:
Class
will
complete
Unit
1
test
(multiple
choice,
matching
and
short
answer).
Students
will
be
given
the
entire
class
period
to
complete.
During
the
test,
the
teacher
will
circulate
to
check
the
completion
(not
the
scores
listed)
on
the
Goal
Accounting
Template.
Students
will
be
rewarded
bonus
points
if
the
template
is
completed
in
its
entirety.
Students
that
have
tested
out
of
the
Unit
test
by
a
sufficient
score
on
the
AP
Economics
test
will
be
given
the
option
of
working
on
the
Stock
Market
Game
independently
or
completing
the
chapter
vocabulary
for
the
next
chapter
(Chapter
8:
Business
Organizations)
As
students
complete
the
Unit
test,
they
will
also
be
given
the
option
of
working
on
the
Stock
Market
Game
or
next
chapter
vocabulary.
Checking
for
Understanding:
Unit
Test
(Chapters
4-7)
Closing:
Unit
Tests
will
be
collected
at
the
end
of
the
period.