Tuesday, February 14th, 2006

Intro to the Price System


Students shall be able to

  1. identify market equilibrium,

  2. identify market equilibrium graphically,

  3. define equilibrium price,

  4. define equilibrium quantity,

  5. name the two forces that are equal at equilibrium,

  6. explain why the equilibrium price is special,

  7. define surplus,

  8. define shortage,

  9. identify surplus graphically, and

  10. identify shortage graphically.



  1. Watch "Economics USA: Markets - Do They Meet Our Needs?"

Assignment: Watch the video. Answer these questions.



Monitor and adjust, as needed. Check student responses while working. Grade student responses when notebooks are collected.

TEKS involved: 2A, 2C, 2D, 3A, 3B, 4A, 4B, 5A, 7A, 7B, 8B, 9C, 10A, 10B, 11A, 12B, 13C, 14A, 15A, 15B, 16A, 17A, 17C, 20A, 20B, 21A, 22B, 23A, 23B, 23C, 23D, 23F, 23G, 24A, 24B, 24C, 24D, 25A, 26A, 26B, 26C, 26D, 27B