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BananaMarketSupplyandDemandProject

Standard:HSCEEconomics
a. 1.3.3Price,Equilibrium,Elasticity,andIncentivesAnalyzehowpriceschange
throughtheinteractionofbuyersandsellersinamarketincludingtheroleof
supply,demand,equilibrium,elasticity,andexplainhowincentives(monetary
andnonmonetary)affectchoicesofhouseholdsandeconomicorganizations.
b. 1.3.1LawofSupplyExplainthelawofsupplyandanalyzethelikelychange
insupplywhentherearechangesinpricesoftheproductiveresources(e.g.,
labor,land,capitalincludingtechnology),ortheprofitopportunitiesavailableto
producersbysellingothergoodsorservices,orthenumberofsellersina
market.
c. 1.3.2LawofDemandExplainthelawofdemandandanalyzethelikely
changeindemandwhentherearechangesinpricesofthegoodsorservices,
availabilityofalternative(substituteorcomplementary)goodsorservices,or
changesinthenumberofbuyersinamarketcreatedbysuchthingsaschange
inincomeoravailabilityofcredit.
Objective/target:StudentswillcreateaSupplyandDemandcurvebasedonthedata
collectedfromthebananamarkettradingsimulationdoneinclassandthenapplyfour
differentshiftfactorstotheirgraphs.
Introduction/focus:Journal:Whatisthelawofsupply?Whatisthelawofdemand?
Howdotheyinfluencehowsellersandbuyersbehaviors?Lookitupifyouneedto!!!
Input
a. Taskanalysis
i.
Supplyanddemandschedulefromsimulationdoneinclassbuyingand
sellingbananas,meaningsofpricefloorandpriceceiling,shiftfactors
forsupplyandshiftfactorsfordemand,Rubricsforfinalproject
b. Thinkinglevels
i.
remembering:rememberinghowtographsupplyanddemandcurves
basedondata,differentshiftfactors
ii.
Understanding:understandinghowpriceceilingsandpricefloorsaffect
supplyanddemand,shiftfactorsandtheireffectonequilibriumpricein
amarket.
iii.
applying:usingknowledgeaboutsupplyanddemandtoseehowit
affectsthemarketcreatedinclass.
iv.
analyze:withselfmadesupplyanddemandgraphexaminehowthe
priceceilingandpriceflooraffectedthequantitysuppliedand
demandedwithinourclassmarket
v.
evaluate:useofsupplyanddemandtocreategraphs
vi.
create:useknowledgeofshiftfactorsandapplythemtothemarket
graphs,graphandthenexplainthehowandwhyofyourexample
c. Accommodations:providingdata,definitions,examples,extensivetimeforuse
inclass

d. methods,materials,integratedtechnology:
i.
Instructionaltechniques:lectureonlyduringdirectionsectionsofclass
period,guidedpracticeonboard,simulationofmarketwithhalfthe
classasbuyersandhalftheclassassellers,individual/collaborative
workongraphsandshiftfactors
ii.
Engagementstrategies:Havingtheclassactouttheprocessofbuying
andsellingbananasintheclassroom,discussion
iii.
Materialsandtechnology:projectorforjournalanddefinitionsofterms,
sheets/markersforsupplyanddemandgraph
5. Modeling:Usewhiteboardtomodelhowtoplotthepointsbasedonthedatawe
collectedasaclasslastclass.Useexamplegraphsasmodelsforstudents(onegood,
onepoor)
6. Checkingforunderstanding:askingforunderstandingwithuseofthumbsignal,
walkingaroundtogroupswhileworkingtofinishconstructinggraph
7. Guidedpractice:plotthenextpointsasaclass
8. Collaborativeand/orindependentpractice:individualconstructionofgraph
9. Closure:finalproject4supplygraphswithshiftfactors,originalsupplyanddemand
graph,4demandgraphswithshiftfactors,andshortanswerresponsesaboutthe
project
10. Assessment:Questionsprovidedonsheetthatguideshortanswerresponsestothe
studentsfinalproject.

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