Lesson Plan

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Lesson Plan
Grade: Date: 05/03/2026
Subject: Economics
Lesson Topic: Definition of a market
Learning Objective/s:
  • Define a market and list its key characteristics.
  • Distinguish between market and non‑market allocation of resources.
  • Identify the main characteristics of markets (voluntary exchange, price mechanism, competition, information flow, legal framework).
  • Classify different types of markets (physical, virtual, financial, labour).
  • Explain why understanding the market definition is essential for analysing resource allocation.
Materials Needed:
  • Projector or interactive whiteboard
  • Printed handout with market definition and characteristics
  • Worksheet for individual practice
  • Supply‑demand diagram cards
  • Markers and flip chart
  • Laptop for teacher presentation
 Introduction:
Begin with a quick poll: “Where do you buy the things you use every day?” Students share examples, linking to everyday markets. Recall the previous lesson on demand and supply; today we will formalise what a market is. By the end of the lesson, students will be able to define a market, list its key features and compare it with non‑market allocation.
Lesson Structure:
  1. Do‑now (5’): Students write down three places they buy goods and share with a partner.
  2. Mini‑lecture (10’): Present the definition and key characteristics using slides and a supply‑demand diagram.
  3. Guided discussion (8’): Compare market vs. non‑market allocation using the comparison table on the board.
  4. Group activity (12’): Each group receives a market‑type card (physical, virtual, financial, labour) and creates a brief description to present.
  5. Worksheet practice (10’): Individual questions applying the definition, characteristics, and types of markets.
  6. Exit ticket (5’): Write one sentence defining a market and one key characteristic.
Conclusion:
Summarise that a market is a system where buyers and sellers interact, guided by price signals and competition. Invite a few students to read their exit‑ticket responses to reinforce understanding. Homework: complete the worksheet on market types and bring an example of a non‑market allocation for the next class.