Lesson 14:
Law of Supply

Objectives:
Students will be able to:
1)restate the law of supply
2) read a supply schedule and a supply curve
3) explain how and why changes in the costs of production change supply

Activities:
1) Introduction to law of supply.
a)Each student is given an index card. Tell them to describe on the card the job they are expected to do at home that they like the least. On the back of the card, have them write how much they would be willing to pay someone else to do the job for them (if they had an income of $50/week). Collect cards. Read several jobs to the class telling how much the person would be willing to pay. Ask how many students would do the job for the suggested amount and write the number on the board. Increase the amount of pay several times and ask the students each time how many would do the work. By recording the answers, we could create a supply schedule for the service and then draw a supply curve on the board.

2) After going over definition of law of supply, students will be given examples of changes in the cost of production and changes in price and asked whether the supply would increase or decrease. Students will then discuss how and why changes in the costs of production change supply.

3) Students will then work on the following problem set in groups:

Evaluation:
1) Class participation, work, and problem set
2) Homework: Students will…
-Read Section C, pg. 73-6
-Answer “Self check” and “Applying what you have learned” questions
-Extra Review –Problem Solving with Economics questions 1-3 on pg. 208
-Read the Current Issues (Why Do We Grow So Much Food?) on pg. 87.
-Write an essay describing the controversial issues of the proposal, clearly stating the decision you have reached, and explaining why you think your choice is the best one. [consider the questions posed at the end of the article] {this assignment will be due in one week and some students may present it in class for a possible debate}