Price Detectives: Supply and Demand Scenarios

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Social Studies · Social Studies 6-8
SP-SS68-004  ·  Free to print and use in your classroom  ·  substituteplans.com
Page 2
Price Detectives: Supply and Demand Scenarios
Social Studies · Social Studies 6-8 · Grades 7-8 · 50 minutes
Time needed
50 minutes (one class period)
Prep
Copy the 2-page worksheet (one per student). Write “Supply = what sellers offer. Demand =
what buyers want.” on the board.
Technology
None.
Student
independence
High. Students work alone, then compare with a partner.
Copies to make
One 2-page worksheet per student
Materials
Pencils, Worksheet, Whiteboard or chalkboard
Goal for today: Students will read a supply and demand schedule to find a market price and predict how a change in
supply or demand affects price.
Before the bell
☐ Copy the worksheet, one per student (2 pages).
☐ Write on the board: Supply = how much sellers offer. Demand = how much buyers want. When more people
want something and there is the same amount, the price tends to go up.
☐ Keep the answer key on your desk. You do not need economics knowledge.
Say this to start
Good morning! Today we are going to be price detectives. Prices in stores go up and down for a reason. You will read a
chart about a made-up product, then decide what happens to prices in six short stories. Read slowly, ask a neighbor if
you are stuck, and write your best thinking.


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Social Studies · Social Studies 6-8
SP-SS68-004  ·  Free to print and use in your classroom  ·  substituteplans.com
Page 3
Run of show
Minutes
What you do
What students do
0–5
Take attendance. Hand out the worksheet. Ask students to
write their names and wait.
Settle in and write their names.
5–13
Read the board aloud. Read the passage aloud. Do the
example: “If a lot of people suddenly want sneakers but
the store has the same number, what will happen to the
price?” (It goes up.)
Listen and answer the example.
13–25
Tell students to complete the schedule table questions 1–5.
Remind them to subtract to find the size of a shortage or
surplus.
Read the table and fill in the blanks.
25–38
Tell students to complete the scenario table. Then they
answer questions 6–8.
Decide what changed, which direction, and
what happens to price.
38–45
Tell students to answer question 9. Ask two volunteers to
share.
Write and share an example.
45–50
Read the answers aloud. Collect all worksheets.
Check their work and hand in the
worksheet.
If things go wrong
• If students ask for a calculator, allow it. The arithmetic is only subtraction.
• If students confuse supply and demand, point to the board: supply = sellers, demand = buyers.
• If a student finishes early, check the scenario table and use the early finisher list.
• If students disagree about a scenario, tell them to explain their reasoning in writing. The key lists the most
likely outcome.
Early finishers
• Write your own scenario that makes the price of a product fall, and label supply or demand.
• Draw a simple graph of the schedule with price on the vertical axis and quantity on the horizontal axis.
Support and challenge
• Support: Let students use the board definitions and complete only the first four scenario rows.
• Challenge: Ask students to explain why the price in the schedule settles at the place where supply and
demand match.
Notes for the teacher (you fill this in)
Jot a few lines before you leave. A full Daily Sub Report is in the free Sub Survival Kit at SubstitutePlans.com.
How far the class got / what to pick up next:
Students who were especially helpful:


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Social Studies · Social Studies 6-8
SP-SS68-004  ·  Free to print and use in your classroom  ·  substituteplans.com
Page 4
Anything the teacher should know: