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This Episode 16: Elasticity of Demand podcast also includes:
- Reading Passage
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What happens when the price of an item goes up or down? Does the shift automatically affect the purchasing of that item? Historians use a short podcast to research the idea of elasticity on demand. They analyze the impact a price of an item has on consumers' willingness to purchase it, raising the concept of want over need and how that contributes to elasticity.
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CCSS:
Adaptable
Concepts
Additional Tags
Instructional Ideas
- To show how elasticity impacts demand, role play by auctioning items off in class (candy bars, pencils, etc.) using fake money
- Hand out rubber bands and have the class either extend or retract them when showing prices of current items in the store
Classroom Considerations
- Students must have online access assigning the podcast as homework
- Fits as the 16th episode of a 21-part Economic Lowdown podcast series
Pros
- Audio and visual learners benefit from podcast and video offerings
- Teacher resources available on the Econ Lowdown Teacher Portal
Cons
- None