Lesson Plan

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Lesson Plan
Grade: Date: 17/01/2026
Subject: Economics
Lesson Topic: Interpretation of equilibrium using demand and supply schedules
Learning Objective/s:
  • Describe the concept of market equilibrium and how it is identified from demand and supply schedules.
  • Calculate equilibrium price and quantity using given schedules, including interpolation when necessary.
  • Interpret the significance of equilibrium for resource allocation and market stability.
  • Analyze how surplus and shortage arise when price deviates from equilibrium.
Materials Needed:
  • Projector or interactive whiteboard
  • Printed demand and supply schedule worksheets
  • Calculator or spreadsheet software
  • Graph paper and rulers
  • Whiteboard markers
  • Practice exercise handout
 Introduction:
Begin with a quick poll: “What determines the price of a product you buy today?” Connect responses to the idea that price results from the interaction of demand and supply. Explain that by the end of the lesson students will be able to read schedules, locate equilibrium, and explain its economic meaning. Success criteria: correctly identify equilibrium price and quantity and articulate its implications.
Lesson Structure:
  1. Do‑now (5'): Short quiz on demand vs. supply definitions.
  2. Mini‑lecture (10'): Review price determination and introduce demand and supply schedules using the projector.
  3. Guided activity (15'): In pairs, compare the provided schedules, fill a table to find where quantity demanded equals quantity supplied, and calculate the equilibrium (including interpolation).
  4. Graphing demonstration (10'): Teacher sketches demand and supply curves, marks the equilibrium point, and discusses its interpretation.
  5. Practice exercise (15'): Students work on the additional schedule to determine equilibrium price and quantity, showing all steps.
  6. Check for understanding (5'): Exit ticket – write one sentence explaining why the market returns to equilibrium after a surplus.
Conclusion:
Recap that equilibrium reflects a balance where resources are efficiently allocated and that any deviation creates a surplus or shortage prompting price adjustments. Collect exit tickets and assign a worksheet where students plot their own demand and supply curves and identify the equilibrium point. Remind learners that mastering this analysis is essential for understanding broader market dynamics.