Lesson Plan

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Lesson Plan
Grade: Date: 17/01/2026
Subject: Economics
Lesson Topic: Shortages (demand exceeding supply) and surpluses (supply exceeding demand)
Learning Objective/s:
  • Describe the concepts of demand, supply, equilibrium price, shortage and surplus.
  • Explain how prices above or below equilibrium create surpluses or shortages.
  • Analyse how market forces adjust prices to eliminate shortages and surpluses.
  • Evaluate the role of government intervention in correcting market imbalances.
Materials Needed:
  • Projector and screen for diagram slides
  • Whiteboard and markers
  • Printed supply‑and‑demand schedule handout
  • Graph paper and rulers for student sketching
  • Calculator for equilibrium calculations
 Introduction:
Begin with a quick poll: “What happens when a popular product runs out in store?” Connect this to prior learning on demand and supply, and tell students they will identify shortages and surpluses and predict price adjustments. Success will be shown by correctly labeling market conditions in a sample table.
Lesson Structure:
  1. Do‑now (5’): Students write examples of recent shortages or surpluses on sticky notes and share briefly.
  2. Mini‑lecture (10’): Review key definitions (demand, supply, equilibrium, shortage, surplus) with projector diagrams.
  3. Guided practice (12’): Using the supplied price‑quantity table, students identify market condition at each price and complete a worksheet.
  4. Graphing activity (10’): Students plot demand and supply curves, mark equilibrium, then illustrate a price above and below equilibrium to show surplus and shortage.
  5. Think‑pair‑share (8’): Discuss how price adjustments restore balance and consider possible government interventions.
  6. Quick check (5’): Exit ticket – write one sentence explaining how a shortage is resolved in the market.
Conclusion:
Recap that only the equilibrium price balances quantity demanded and supplied, and that markets self‑correct via price changes unless government steps in. Collect exit tickets, and assign homework for students to find a real‑world example of a shortage or surplus and describe the adjustment process.