Lesson Details

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

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