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Lessons & Activities
46-60 min
Understanding Price Elasticity
OVERVIEW
This lesson focuses on the demand side by examining the meaning of elasticity, what factors determine the price elasticity of demand, how price elasticity of demand is measured by a basic formula, and how price elasticity of demand can be measured using the total revenue approach. Use rubber bands as an illustration to demonstrate elasticity.
Related Resources
INFOGRAPHICS & COMICS
VIDEO Q&A
0-15 MIN
Adam Smith’s Invisible Hand: The Role of Self-Interest and Competition in a Market Economy
Hear Adam Smith’s analysis of how an “invisible hand” guides the economy.
MODULES
16-30 MIN
Demand
Describe the demand side of the market.
READING Q&A
16-30 MIN
An Economic Guide to Giving the Perfect Gift
Learn how to use consumer surplus and social utility to measure a gift’s value.
LESSONS & ACTIVITIES
31-45 MIN
Here Today, Back Here Tomorrow
Define goods, services, consumer, production, natural resources, intermediate goods, waste, and trade-off.
LESSONS & ACTIVITIES
0-15 MIN
Entrance and Exit Tickets for a General Economics Classroom
Short formative assessments for the general economics classroom.
