“Economics: Supply and Demand” is a Social Studies lesson that focuses on understanding the law of supply and demand and its effect on prices in a market economy. The original informational text provides an overview of the definitions of supply and demand, as well as several real-world examples of how this principle plays out in the economy.
The concept of supply and demand is often called the heart and soul of economics. It is the foundation for much of what is studied in the field. Understanding how supply and demand affect the economy helps us recognize economics everywhere in our daily lives.
Lesson Plans on Eskimos-The Inuit people of northern Canada provide an example of a traditional economy. For thousands of years, Inuit parents have taught their children the survival skills needed to survive in the Arctic Circle's severe climate. Students will research the Inuit economy and compare and contrast it with the United States' market economy. KEY CONCEPTS Demand, Goods, Market Economy, Resources, Scarcity, Supply, Traditional Economy
Chinese Revolution Essay Questions Sheet #3 - 1. How did the Chinese government under Deng Xiaoping adopt elements of a market economy? 2. Why does Communist China have a checkered history of human rights? 3. Describe the massacre that took place in Tiananmen Square.
Venetian mask with pearl necklace - In its heyday the Republic of Venice enjoyed wealth upon wealth. Venetian masks were originally used to hide identities when conducting business as some people in the market economy sought anonymity. Masks were worn by all from servants to the noblemen creating a level playing field doing away with social class. With time however, people began to abuse this new social norm where decadence, sexual promiscuity (even the nuns and monks engaged in such…