Lesson Plan

• Describe how demand and supply schedules illustrate market equilibrium.
• Explain the concepts of surplus and shortage as forms of disequilibrium.
• Apply a step‑by‑step procedure to interpret a given price using the schedules.
• Predict the direction of price adjustment toward equilibrium.
• Evaluate the impact of price controls (e.g., ceilings) on market outcomes.

• Projector or interactive whiteboard
• Printed demand and supply schedule worksheets
• Calculator for quick arithmetic
• Graph paper or digital graphing tool
• Teacher’s prepared PowerPoint slides
• Exit‑ticket slips

Start with a quick poll: “What happens when a product’s price is set too high or too low?” Connect this to students’ prior knowledge of market equilibrium. Explain that today they will use demand‑supply schedules to identify surplus or shortage and predict price movement. Success criteria: correctly read schedules, label disequilibrium, and justify the expected price adjustment.

1. Do‑Now (5'): Complete a short worksheet matching price levels to quantities from the provided tables.
2. Mini‑lecture (10'): Review equilibrium and introduce surplus/shortage terminology using the schedules.
3. Guided practice (12'): Teacher models the four‑step interpretation with the $12 price‑ceiling example while students follow on their worksheets.
4. Collaborative analysis (10'): In pairs, choose a different price (e.g., $14 or $18), determine surplus or shortage, predict price movement, and share findings.
5. Quick check (5'): Whole‑class poll (clickers or show of hands) to confirm understanding of the interpretation steps.
6. Wrap‑up (3'): Summarise key points and address any misconceptions.

Recap that demand and supply schedules provide a clear numerical method to spot surplus or shortage and to anticipate price adjustments toward equilibrium. For the exit ticket, students write the four‑step analysis for a new price point of their choice. Homework: graph the demand and supply curves, label the equilibrium, surplus, and shortage, and explain how a price ceiling would affect the market.