1. Warm Up: introduce vocabulary, encouraging students to define key terms in their own words.
2. Activity: Offer students 5 participation points or tickets they can redeem for candy. In my classroom, I give participation point tickets to students every time they contribute something profound to class discussion or exhibit model behavior - first to be ready, exemplary homework. Students put those tickets in a jar on my desk and at the end of each week, I use those tickets to raffle off items i.e. free homework passes, extra credit points, homework due date extensions, etc. First, "sell" the candy at 2 pieces for 5 tickets or 1 piece for 3 tickets. By a show of hands, see how many bite. Then, tell them you forgot to mention you only have 15-20 pieces of candy. By a show of hands, again, see how many are interested. Then, lower the price to 1 candy for the price of 1 ticket. Graph the demand curve for candy as you go. After the activity, review and apply learned economic terms to the situation.
3. Using the California edition of McDougal Littell's 12th grade economics textbook, Economics: Concepts and Choices, students explore the effects of price on demand for goods and services using the example of Cheryl and her demand for DVDs. *This powerpoint does use examples from the textbook but it is not actually required to execute this lesson. The graphs and examples included in the ppt. can be found for free on classzone.com.
4. Follow up activity or independent work: students make up their own fictional enterprise and create a demand schedule and graph demand curve.
An Introduction to the Law of Demand Using Candy and Tickets