“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
Lal Salaam is back, but where's the Muslim youth? Just when it seemed that greetings like Lal Salaam and propitious images of surkh savera, the eagerly awaited dawn of revolution, have been laid to rest in the avalanche of free market economy and emergence of intolerance towards thought and speech, they rose from the ashes like the proverbial phoenix. #HonestIndian #Muslim #Youth