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Lesson Plan by Maggie M. Larche M.A.

Supply

Pixton Lesson Plan on Supply

Make economic concepts come to life with comics!

Including these awesome activities:
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Featured Layouts

When students complete the activities in this lesson plan, they will use the following comic layout types.

  • Comic Strip
  • Storyboard
  • Graphic Novel
  • Timeline
  • Mind Map
  • Character Map

Your students will create amazing images like these in no time!

This free, printable Pixton lesson plan brings economic concepts to life with comics and storyboards.
This free, printable Pixton lesson plan brings economic concepts to life with comics and storyboards.
This free, printable Pixton lesson plan brings economic concepts to life with comics and storyboards.

Featured Props

Supply

Student creations come alive with these themed objects – in addition to our library of over 3,000 props!

  • Arrow
    Arrow
  • Bag
    Bag
  • Book
    Book
  • Box
    Box
  • Can
    Can
  • Feather
    Feather
  • House
    House
  • Prop Letter
    Prop Letter
  • Prop Printing Press
    Prop Printing Press
  • Silo
    Silo
Print this Teacher Guide

Teacher Guide

Supply

Step 1Class discussion with students

Getting Started

  • Before beginning supply, first complete the two lessons: "Demand and Quantity Demanded" and "Determinants of Demand." Students usually have an easier time starting with demand before tackling supply.
  • Draw a demand curve on the board. You'll add a supply curve to this in the opening discussion.

Opening Discussion

Begin by reviewing demand with your students. Once you're sure that students have a firm grasp on that concept, tell them you're going to switch to the supply side now.

Explain to students that, in demand, we were looking at things from the point of view of the consumer. With supply, students will have to look at things backwards, from the point of view of the producer. Supply is the amount of a good or a service that is available for sale by producers at a given price.

Show the students the demand curve you put on the board. Tell them that, like the demand curve, there is also a supply curve that represents the sum of all producers who are willing to produce a certain good or service. Add the supply curve to your graph.

Ask the students what they notice about the slope of the curve. (It is positive, indicating a direct relationship between quantity supplied and price.) When price goes up, the quantity supplied also goes up. Ask students why this might be so. You may have to remind them to look at the transaction from the point of view of the seller, rather than the buyer.

Tell students that there are determinants of supply, just like with demand. They will explore these determinants further through the activities:

  • Input Prices
  • Technology
  • Number of Producers
  • Expectations
Step 2Pixton comic-making activities
  • Make a Timeline, Graphic Novel, or ...
    Quantity Supplied

    View Activity
  • Make a Storyboard, Comic Strip, or ...
    Technology and Supply

    You may wish to brainstorm various scenarios with your students before they create their comics. Also, sometimes it can help to start with a piece of technology, and then theorize what good or service it could have helped promote.

    View Activity
  • Make a Mind Map, Storyboard, or ...
    Input Prices and Supply

    View Activity
  • Extension / Modification
    Number of Consumers (Extension / Modification)

    Tell students to imagine that they read a news story about the nation's law schools. According to the media, the next year's graduation class is expected to be the largest number of new lawyers ever. Have students create a comic showing what happens to the supply of legal services over the next couple of years.

Step 3Concluding discussion with students

Tell students that the most important part about both supply and demand are where the two meet. If they look at a supply curve and a demand curve on the same graph, they can see the point where the two curves intersect. Tell students that this point is known as the market-clearing price or equilibrium. At this price, the amount willing to be supplied by producers is equal to the amount that consumers want to buy. It is the most efficient price for that good or service.

Explain that as long as prices are free to move, this is the price that the market will eventually settle on, with only slight deviations in one direction or another.

Help students to see that what's most fascinating about this process is that no one directs it. Through the thousands of voluntary interactions among buyers and sellers, the point of maximum efficiency will emerge.

Print this Activity

Pixton Activity: Supply 1 Quantity Supplied

Featured Layouts

  • Comic Strip
  • Storyboard
  • Graphic Novel
  • Timeline

Intro

Just like with demand, price can affect supply. Specifically, when the price of a good changes, it affects the quantity supplied of that good. Unlike demand, this is a positive, or direct, relationship. So, if price goes up, so does quantity supplied. If price goes down, so does quantity supplied.

This makes sense if you look at it from the point of view of a seller. A producer would want to maximize his earnings. If the price of something falls, he won't make as much from it, so he reduces the quantity supplied. It's a direct relationship.

Instructions

Create a comic that shows a storekeeper choosing what goods to sell in her store. Have at least one item experience a price change, and show how that affects the quantity supplied.

In the description for each panel, explain what is happening to price and quantity supplied. How are they moving, and what is their relationship to each other?

Helpful Hints: Why might an item have a price change? Maybe a competitor is offering it for a lower price, so our shopkeeper has to compete. Maybe she sells produce, so the price is a nationally set price that changes daily based on market conditions. Or maybe she sells some sort of item that is a high-end brand, where the price is set by the company which provides the good to her.

Rubric: Quantity Supplied

Use this interactive rubric for easy, thorough assessment. It can even be used by students for self-assessment!

5 4 3 2 1
Understanding of Concepts • explains with extensive detail
• numerous connections made between concept and activity
• illustrations and descriptions are comprehensive
• explains with detail
• considerable connections made between concept and activity
• illustrations and descriptions have purpose
• explains with sufficient detail
• several connections made between concept and activity
• illustrations and descriptions have basic purpose
• explains with limited detail
• limited connections made between concept and activity
• illustrations and descriptions have little purpose
• explains with no detail
• very few connections made between concept and activity
• illustrations and descriptions have no purpose
Inquiry/Research Skills • Extensive use of details; support from a wide variety of sources
• Facts are accurate and complete
• Sources are accurately listed
• Considerable use of details; support from several sources
• Facts are accurate
• Sources are accurately listed
• Includes several relevant details; basic use of sources
• Facts are consistent
• Sources listed
• Some relevant details included; sources are limited
• Facts contain some inaccuracies
• No sources listed
• Very few relevant use of details
• Facts are inaccurate or false
• No sources listed
Communication • excellent communication of ideas
• statements are dynamic with extensive development
• descriptions are purposeful and well organized
• effective communication of ideas
• statements are powerful with appropriate development
• descriptions are concise and organized
• sufficient communication of ideas
• statements are consistent with increasing development
• descriptions are basic and organized
• poor communication of ideas
• statements are general with some development
• descriptions are limited and unorganized
• inadequate communication of ideas
• statement are general with little development
• descriptions are incomplete and unorganized
Style • correct sentence structure, grammar, spelling and punctuation; may include some errors in complex structures
• panels are highly organized with exceptional use of supporting details
• few errors in basic sentence structure, spelling, punctuation, or grammar; errors do not interfere with meaning
• panels have excellent organization with effective use of supporting details
• occasional errors in sentence structure, spelling, punctuation, or grammar; errors rarely interfere with meaning
• panels have basic organization and supporting details
• several errors in sentence structure, spelling, punctuation, or grammar; errors may make parts hard to follow
• panels have limited organization and supporting details
• repeated errors in basic sentence structure, spelling, punctuation, or grammar often make the writing hard to understand
• panels are unorganized and lack supporting details
Total
Print this Activity

Pixton Activity: Supply 2 Technology and Supply

Featured Layouts

  • Comic Strip
  • Storyboard
  • Graphic Novel
  • Timeline

Intro

Just as with demand, there are non-price determinants of supply. One of these determinants is technology. With technological advances, it can become easier and cheaper to make something. In that case, the supply goes up.

Instructions

Create a comic to show an example from history of a great technological advance. Imagine how it would apply to the production of a good or service.

For instance, here's an example of how the printing press helped with the production of the Christian Bible. There was a technological breakthrough, and then supply dramatically increased.

Rubric: Technology and Supply

Use this interactive rubric for easy, thorough assessment. It can even be used by students for self-assessment!

5 4 3 2 1
Understanding of Concepts • explains with extensive detail
• numerous connections made between concept and activity
• illustrations and descriptions are comprehensive
• explains with detail
• considerable connections made between concept and activity
• illustrations and descriptions have purpose
• explains with sufficient detail
• several connections made between concept and activity
• illustrations and descriptions have basic purpose
• explains with limited detail
• limited connections made between concept and activity
• illustrations and descriptions have little purpose
• explains with no detail
• very few connections made between concept and activity
• illustrations and descriptions have no purpose
Inquiry/Research Skills • Extensive use of details; support from a wide variety of sources
• Facts are accurate and complete
• Sources are accurately listed
• Considerable use of details; support from several sources
• Facts are accurate
• Sources are accurately listed
• Includes several relevant details; basic use of sources
• Facts are consistent
• Sources listed
• Some relevant details included; sources are limited
• Facts contain some inaccuracies
• No sources listed
• Very few relevant use of details
• Facts are inaccurate or false
• No sources listed
Communication • excellent communication of ideas
• statements are dynamic with extensive development
• descriptions are purposeful and well organized
• effective communication of ideas
• statements are powerful with appropriate development
• descriptions are concise and organized
• sufficient communication of ideas
• statements are consistent with increasing development
• descriptions are basic and organized
• poor communication of ideas
• statements are general with some development
• descriptions are limited and unorganized
• inadequate communication of ideas
• statement are general with little development
• descriptions are incomplete and unorganized
Style • correct sentence structure, grammar, spelling and punctuation; may include some errors in complex structures
• panels are highly organized with exceptional use of supporting details
• few errors in basic sentence structure, spelling, punctuation, or grammar; errors do not interfere with meaning
• panels have excellent organization with effective use of supporting details
• occasional errors in sentence structure, spelling, punctuation, or grammar; errors rarely interfere with meaning
• panels have basic organization and supporting details
• several errors in sentence structure, spelling, punctuation, or grammar; errors may make parts hard to follow
• panels have limited organization and supporting details
• repeated errors in basic sentence structure, spelling, punctuation, or grammar often make the writing hard to understand
• panels are unorganized and lack supporting details
Total
Print this Activity

Pixton Activity: Supply 3 Input Prices and Supply

Featured Layouts

  • Storyboard
  • Mind Map
  • Character Map
  • Timeline

Intro

One of the biggest determinants of supply is input prices, or production cost. Simply put, if it costs more to make something, supply will go down. So when input prices go up - such as raw materials or labor costs - the supply of a good will go down.

Instructions

Take a common item and brainstorm all the various input costs that go into producing that item. Be sure to think beyond the physical materials that go into the good. What other costs are involved with running the business that produces that item?

In the description for each panel, describe how that input cost could affect the supply of the final good.

Rubric: Input Prices and Supply

Use this interactive rubric for easy, thorough assessment. It can even be used by students for self-assessment!

5 4 3 2 1
Understanding of Concepts • explains with extensive detail
• numerous connections made between concept and activity
• illustrations and descriptions are comprehensive
• explains with detail
• considerable connections made between concept and activity
• illustrations and descriptions have purpose
• explains with sufficient detail
• several connections made between concept and activity
• illustrations and descriptions have basic purpose
• explains with limited detail
• limited connections made between concept and activity
• illustrations and descriptions have little purpose
• explains with no detail
• very few connections made between concept and activity
• illustrations and descriptions have no purpose
Inquiry/Research Skills • Extensive use of details; support from a wide variety of sources
• Facts are accurate and complete
• Sources are accurately listed
• Considerable use of details; support from several sources
• Facts are accurate
• Sources are accurately listed
• Includes several relevant details; basic use of sources
• Facts are consistent
• Sources listed
• Some relevant details included; sources are limited
• Facts contain some inaccuracies
• No sources listed
• Very few relevant use of details
• Facts are inaccurate or false
• No sources listed
Communication • excellent communication of ideas
• statements are dynamic with extensive development
• descriptions are purposeful and well organized
• effective communication of ideas
• statements are powerful with appropriate development
• descriptions are concise and organized
• sufficient communication of ideas
• statements are consistent with increasing development
• descriptions are basic and organized
• poor communication of ideas
• statements are general with some development
• descriptions are limited and unorganized
• inadequate communication of ideas
• statement are general with little development
• descriptions are incomplete and unorganized
Style • correct sentence structure, grammar, spelling and punctuation; may include some errors in complex structures
• panels are highly organized with exceptional use of supporting details
• few errors in basic sentence structure, spelling, punctuation, or grammar; errors do not interfere with meaning
• panels have excellent organization with effective use of supporting details
• occasional errors in sentence structure, spelling, punctuation, or grammar; errors rarely interfere with meaning
• panels have basic organization and supporting details
• several errors in sentence structure, spelling, punctuation, or grammar; errors may make parts hard to follow
• panels have limited organization and supporting details
• repeated errors in basic sentence structure, spelling, punctuation, or grammar often make the writing hard to understand
• panels are unorganized and lack supporting details
Total

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