Supply and Demand
Social Studies/Economics
Descriptive Overview
Just as one person is free to begin a
business, all others are free to
begin a business also. Thus,
competition affects the market.
This lesson will give examples of
competition in the market place.
Key Questions:
Define market and
competition.
How does competition
affect the market?
How does competition
differ in the various
economic systems?
What is the economic
impact of supply and
demand on the market?
Lesson Objectives/Goals:
Students will be able to:
determine what and
how much of a
product to produce
explain how
competition can affect
the market (supply
and demand)
Terminology/Vocabulary:
free enterprise
supply
demand
law of supply, law of
demand
factors of production
determinants
retail business