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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
16-30 MIN
Aggregate Demand and Aggregate Supply: Negative Demand Shock
Introduces the benefits and costs of international trade.
MODULES
16-30 MIN
Market Equilibrium
Discuss market equilibrium.
READING Q&A
16-30 MIN
Why Are Some Social Media Sites Free to Use?
Learn why social media platforms are free and define network effect.
CURRICULUM UNITS
Federal Reserve Economic Fundamentals: Middle School Curriculum
Introduce basic economic concepts that are designed for middle school learners with ten independent hands-on lesson plans.
LESSONS & ACTIVITIES
1 HOUR+
The Basics of Supply and Demand: A Classroom Cocoa Bean Market
Learn to identify equilibrium price, explain how market interactions determine prices, and recognize conditions that create shortages and surpluses.
