Lesson Plan

• Describe how the price mechanism determines what goods and services are produced.
• Explain how market prices guide firms’ choices of production techniques.
• Analyse how prices allocate goods among consumers based on willingness and ability to pay.
• Evaluate the role of profit and loss in moving markets toward equilibrium.
• Assess when government intervention is needed to correct market failures.

• Projector and screen
• Whiteboard and markers
• Printed worksheet with supply‑demand diagram
• Calculator for each pair
• Handout summarising the three allocation questions
• Sticky notes for exit tickets

Begin with a quick poll: “If you could only buy one product this week, what would it be and why?” This links students’ everyday choices to the “what” question. Review the three allocation questions from previous lessons and set the success criteria: students will be able to explain how prices answer each question.

1. Do‑now (5') – Write down answers to the three allocation questions for a chosen product.
2. Mini‑lecture with slides (15') – Introduce the price mechanism, demand & supply curves, and market equilibrium.
3. Guided practice (10') – In pairs, plot a simple supply‑demand graph and label how price signals answer “what”, “how”, and “for whom”.
4. Group activity (15') – Case‑study comparison of market, command, and mixed economies; fill in a table highlighting differences.
5. Check for understanding (5') – Kahoot quiz covering key concepts.
6. Summary & exit ticket (5') – Students write one real‑world example of price‑mechanism allocation on a sticky note.

Recap how prices coordinate production decisions, guide technique choices, and allocate goods. Collect exit tickets to gauge understanding and assign a short homework: research a recent government price ceiling or floor and explain its intended effect.