Determinants of Supply
Supply and Demand Video
Supply and Demand Economics
Overview
Students will learn about the determinants of supply and demand and create examples that help them to reflect on these determinants.
Determinants of Supply and Demand
To learn about supply and demand and the determinats of supply and demand, students will watch a YouTube video explaining both the concepts of supply and demand.
Next, students will read the article that lists and explains the determinants of supply. Afterwards, students will read the article that lists and explains the determinants of demand.
As an activity, students will make up a business and think of three hypothetical events that would affect one of the determinants of supply. For example, if I created a coffee shop and the country that supplies the coffee beans that I buy from went into a Civil War, then it would be harder for me to get the coffee beans, making the prices of inputs used to produce the good determinant increase.
Next, students will do the same for determinants of demand. They will now be the customers of this business. They must think of three hypothetical events that this business might do that would make them, as consumers, change one of their determinants of demand. For example, if this coffee shop started selling desserts, and I love desserts, then my demand would increase as my determinant of demand, tastes, was increased.