📖

Supply, Demand, and Prices

Economics: Understanding Markets and Money

Day 71of 180
Week 15of 36
30Minutes
← Day 70Day 71 of 180Day 72 →
🖨️ Download Worksheet (PDF)
🎯 What You'll Learn

Learning Objectives

1

Understand how supply and demand influence market prices

2

Learn basic principles of economic exchange

3

Recognize how economic interactions reflect God's design for community

📖 Scripture Connection

Proverbs 13:11

“Wealth gotten by vanity shall be diminished, but he who gathers by labor shall increase.”

— Proverbs 13:11 (WEB)

Shows the biblical principle of honest work and value creation

📦 Materials Needed

  • Paper tokens representing money
  • Index cards with product descriptions
  • Price tracking worksheet
  • Colored markers
  • Small classroom trading area
📚 Step-by-Step

Lesson Plan

1Opening (5 min)

Introduce economic concepts using a simple marketplace analogy. Ask students to imagine a world where they can trade goods.

💭 Review Question: What do you know about how people buy and sell things?
2Teaching (10 min)

Explain supply and demand as a natural way people determine the value of goods. When something is rare, it becomes more valuable. When many people want something, its price can go up.

📌 Key Talking Points:
  • Supply means how much of something is available
  • Demand means how much people want something
  • Prices change based on supply and demand
  • God created an interconnected world where resources have different values
💬 Discussion Questions:
  • Why might some toys be more expensive than others?
  • How do stores decide what price to charge?
  • What makes something valuable?
3Activity: Classroom Marketplace Simulation (10 min)
game

Students participate in a mock marketplace where they trade tokens and goods, experiencing supply and demand dynamics.

📝 Instructions:
  1. Distribute random product cards to students
  2. Give each student equal money tokens
  3. Allow trading and observe how prices naturally emerge
  4. Track initial and final prices on worksheet
🔄 Variations:

Simpler: Teacher controls initial pricing

Challenge: Students must negotiate all exchanges

4Closing (5 min)

Reflect on how economic interactions require fairness, communication, and understanding

📝 Review Questions:
  • What did you learn about how prices work?
  • How can we be fair in buying and selling?
🙏 Prayer:

Dear God, thank you for creating a world of abundance and teaching us to be wise stewards of resources.

Coming up: Tomorrow we'll explore how businesses work in America

💎 Memory Verse

Proverbs 22:7

“The rich rules over the poor, and the borrower is servant to the lender.”

— Proverbs 22:7 (WEB)

🎯 Activity: Supply and Demand Memory Rap

👨‍👩‍👧 For Parents

Teaching Notes

📚 Background:

Economic concepts introduce children to real-world financial thinking

💡 Teaching Tips:
  • Use real-life examples
  • Encourage curiosity about prices
  • Model ethical economic behavior
🤔 Common Struggles:

Understanding abstract economic concepts

👀 Signs of Understanding:

Ability to explain basic supply and demand principles

🚀 Want More?

Extension Activities

  • Research local farmers market prices
  • Create a family budget game
  • Interview a local business owner

Ready for Tomorrow?

Great job completing today's lesson!

Continue to Day 72 →Back to History & Social Studies