Our Shortage and Surplus lesson plan teaches students some key concepts about shortage and surplus and supply and demand, including the following: when supply is more than demand, this is a surplus and the value goes down; when the supply is less than the demand, this is a shortage and the value goes up; and when supply equals demand, this is equilibrium. During this lesson, students are asked to answer questions about these concepts and solve shortage/surplus problems using graphs. Students also match terms with their definitions, testing their understanding of the lesson vocabulary.
At the end of the lesson, students will be able to define shortage, surplus, supply, demand, and equilibrium, will be able to explain the concepts of supply and demand, and will be able to apply their understanding of supply and demand to interpret data and graphs.
Common Core State Standards: CCSS.ELA-LITERACY.RI.3.3, CCSS.ELA-LITERACY.RI.3.4, CCSS.ELA-LITERACY.RI.4.3, CCSS.ELA-LITERACY.RI.4.4