Unit 2: Lesson 10 - Equilibrium Prices and Equilibrium Quantities

In examining a visual about the market for yo-yos, students think through the process of mutual accommodation among buyers and sellers that results in an equilibrium price. Students then complete an activity plotting supply and demand curves in the market for Frisbees, identifying the equilibrium price and quantity under different conditions.

Concepts:

• Demand
• Equilibrium Price
• Quantity Demanded
• Quantity Supplied
• Shortage
• Supply
• Surplus

• Standard #7: Markets and Prices
• Standard #8: Role of Prices

Unit 2: Lesson 14 - Secondary Effects: Price Ceilings and Floors

Students investigate the consequences of price controls in markets for silver, rock concerts, automobiles, razor clams, and school textbooks. (It would be best to use this lesson after students have participated in the silver market game [Unit 2, Lesson 7]

Concepts:

• Price
• Shortage
• Surplus
• Secondary Effects

• Standard #7: Markets and Prices
• Standard #8: Role of Prices

Unit 7: Lesson 45 - International Trade: How Do We Measure Trades Across Political Borders?

Many popular misconceptions evolve from reading balance of payments reports. Newspaper stories warn us of the perils of a deficit in the U.S. trade balance and a surplus in the Chinese trade balance of payments reports and help them draw accurate conclusions about the economy from these reports.

Concepts:

• Balance of Payments
• Surplus
• Capital Account
• Capital
• Current Account

• Standard #5: Trade
• Standard #6: Specialization