| Lesson Plan |
| Grade: |
Date: 25/02/2026 |
| Subject: Economics |
| Lesson Topic: Definitions, drawing and interpretation of diagrams, advantages and disadvantages of maximum and minimum prices in product markets |
Learning Objective/s:
- Define key terms related to mixed economies and price controls.
- Draw and label supply‑and‑demand diagrams illustrating price ceilings and price floors.
- Interpret the effects of maximum and minimum prices on consumer/producer surplus and dead‑weight loss.
- Analyse the advantages and disadvantages of price controls in product markets.
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Materials Needed:
- Projector or interactive whiteboard
- Printed worksheets with diagram templates
- Markers and coloured pencils
- Whiteboard and markers
- Handout summarising definitions and pros/cons
- Calculator (optional)
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Introduction:
Begin with a quick poll: “What everyday products have you heard of being price‑controlled?” Connect to students’ prior knowledge of supply‑and‑demand. Explain that today they will master the terminology, draw accurate price‑control diagrams and evaluate their economic impacts. Success will be shown by correctly labeling a diagram and articulating two advantages and two disadvantages of each control.
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Lesson Structure:
- Do‑now (5’) – Short quiz on supply‑and‑demand basics; teacher checks answers.
- Mini‑lecture (10’) – Define mixed economy, price ceiling, price floor; display key terms.
- Diagram workshop Part A (12’) – Guided drawing of equilibrium and price ceiling; students label shortage and dead‑weight loss.
- Diagram workshop Part B (12’) – Guided drawing of price floor; students label surplus and dead‑weight loss.
- Group analysis (10’) – Teams use the completed diagrams to list advantages and disadvantages of each control and share findings.
- Quick check (5’) – Exit ticket: one sentence describing the main welfare impact of a price ceiling.
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Conclusion:
Summarise that price ceilings create shortages while price floors generate surpluses, both leading to dead‑weight loss. Collect the exit tickets to gauge understanding. For homework, assign students to find a real‑world example of a price control and write a brief paragraph evaluating its pros and cons.
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