Analyzing Economic Issues (CIA4U)

Name: __________________

Supply and Demand

Unit 2 Outline
Introduction
This unit introduces students one of the fundamental
models of economics: supply and demand. This model
is examined using equilibrium analysis and elasticities.
This model is developed further with the application of
government intervention on the market. Concepts
such as price ceilings, floors, tariffs and quotas,
taxation and the nature of public and private goods are
discussed.

Big Questions
The main overarching question of this course is: How do individuals and societies make sense of
and assess economic information to make decisions?

By the end of this supply and demand unit, you will be able to answer the following questions:

 How does an economy function?

 How do market participants make choices?
 How do internal and external factors influence a market?

Assessment and Evaluation

Assessment for Learning Assessment of Learning Assessment as
(Formative) (Summative) Learning (Formative)
 Mind Map  Newspaper Analysis  Diagnostic
 Newspaper Analysis Worksheet
 Unit Quest (Google Form)  Teacher-Student
 Morton Workbook conferences
Activities
*See Learning Goals and Success Criteria Checklist at the end of this outline for more
information about our learning targets for this unit.*
 Analyzing Economic Issues (CIA4U)
Name: __________________

Key Terms, Concepts and Skills

Graphing & Numeracy Skills
1. Draw and interpret supply and demand.
2. Graph the following concepts: Consumer and producer surplus,
3. Calculate elasticity coefficients: price elasticity of demand, income elasticity of demand,
and cross price elasticity of demand.

Key Vocabulary

Law of Demand Inelastic, Unit Elastic, Elastic demand Normal, Inferior, & Luxury Goods
Law of Supply Price Elasticity of Supply Substitute & Complementary
Utility Price Elasticity of Demand Goods
Budget Cross Price Elasticity of Demand Product Market
Elasticity Consumer & Producer Surplus Factor Market
Substitution Effect Marginal Utility Circular Flow Diagram
Income Effect Marginal Utility per Dollar Optimum Consumption Rule

Unit 2: Supply and Demand (Lesson Thread)

Content
Circular Flow Diagram, Utility

Supply and Demand

Equilibrium Analysis
Elasticity (Price elasticity of Demand,
Income Elasticity, Cross-Price Elasticity)
 Analyzing Economic Issues (CIA4U)
Name: __________________

Pre-Learning Assessment

1) How does an economy function?

Pre-Learning (What do you think you Curiosity (What questions do you have?)
know?)

Post-Learning (What do understand now?)

 Analyzing Economic Issues (CIA4U)
Name: __________________

 2) How do market participants make choices?

Pre-Learning (What do you think you Curiosity (What questions do you have?)
know?)

Post-Learning (What do understand now?)

 Analyzing Economic Issues (CIA4U)
Name: __________________

 3) How do internal and external factors influence a market?

Pre-Learning (What do you think you Curiosity (What questions do you have?)
know?)

Post-Learning (What do understand now?)

 Analyzing Economic Issues (CIA4U)
Name: __________________

Learning Goals and Success Criteria Checklist

LEVEL of SUCCESS CRITERIA ACCOMPLISHED
UNDERSTANDING
How do market participants make choices?
Uni-/multi-structural I can identify the criteria used by different groups of economic
stakeholders to make economic decisions.

I can define marginal benefit/utility/cost, economic surplus, and

elasticity.

I can draw and understand a graph of supply and demand.

Relational I can discuss how self-interested individuals acting in a market
improve society (surplus).
Extended abstract I can discuss how values, assumptions, and marginal analysis inform
economic choice and decision-making.

I can make meaningful connections between what I’ve learned in

economics and other subjects and the world around me.
How do internal and external factors influence a market?
Uni-/multi-structural I can classify the different market participants from the factor,
product, and financial markets.

I can list and explain all the determinants of supply and demand.

I can calculate price elasticity of demand.

Relational I can interpret the meaning of elasticity co-efficiency on markets
and stakeholders.

I can explain a change in equilibrium that results from a change of

an internal or external factor.
Extended abstract I can evaluate select economic models (elasticity) based on their
assumptions and purpose.

I can make meaningful connections between what I’ve learned in

economics and other subjects and the world around me.
How are markets and market participants interdependent?
Uni-/multi-structural I can explain how an equilibrium condition is reached in a free
market.

I can distinguish between compliments, substitutes, and none

related goods.
Relational I can explain how a free-market equilibrium is the most efficient
outcome for society (surplus).
Extended abstract I can evaluate the underlying assumptions of the supply and
demand model.