Scholars research the concept of supply and demand and its overall impact on the balance of the consumer market. The 8th lesson of a 21-part Economic Lowdown podcast series investigates how the availability of an item impacts its price. By looking at the overall health of the market and its balance of goods and services, individuals better understand the impact on consumer spending.

Concepts

market economies, supply and demand, equilibrium prices

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Additional Tags

social studies

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Instructional Ideas

• Use current advertisements to check how supply and demand impact market equilibrium 
• Assign additional reading and research on market equilibrium to review/preview lesson

Classroom Considerations

• Podcast is less than 10 minutes in length

Pros

• Podcast transcript allows for visual learners to have access to audio portion of lesson
• Teacher resources available at the Econ Lowdown website 

Cons

• None

Common Core

RH.6-8.1 RH.6-8.2 RH.6-8.3 RH.9-10.1 RH.9-10.2 RH.9-10.3 RH.11-12.1 RH.11-12.2 RH.11-12.3