Lesson Plan

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Lesson Plan
Grade: Date: 17/01/2026
Subject: Economics
Lesson Topic: Definition of the market economic system
Learning Objective/s:
  • Define the market economic system and its key characteristics.
  • Explain how the price mechanism allocates resources through supply and demand.
  • Compare the market system with planned and mixed economies.
  • Analyse the role of profit and limited government intervention in a market economy.
  • Apply the price‑mechanism concept to real‑world examples.
Materials Needed:
  • Projector and screen
  • Whiteboard and markers
  • Printed handout with key features and price‑mechanism diagram
  • Worksheet for comparison of economic systems
  • PowerPoint slides
  • Sticky notes for exit tickets
 Introduction:
Imagine a bustling marketplace where every price you see is set by buyers and sellers themselves. Recall how supply and demand affect prices in simple market scenarios. By the end of the lesson you will be able to define a market economic system, describe the price mechanism, and contrast it with other systems.
Lesson Structure:
  1. Do‑now (5'): Quick question on the board about what determines price – teacher checks responses.
  2. Mini‑lecture (10'): Define market economy and outline key features using slides.
  3. Interactive diagram activity (10'): Students label the price‑mechanism diagram on the handout.
  4. Comparison analysis (10'): Small groups complete a Venn diagram comparing market, planned, and mixed economies.
  5. Guided practice (10'): Whole‑class scenario where demand shifts; discuss how resources are reallocated.
  6. Exit ticket (5'): Write one way profit drives decisions and one limited government role.
Conclusion:
We reviewed the definition, key features, and how the price mechanism guides resource allocation, and compared it with other systems. Exit tickets will be collected for quick feedback, and students will complete a worksheet on price‑mechanism shifts for homework.