How Many Beverages Will Consumers Buy?
In this lesson, students act as buyers with a fixed amount to spend on beverages. They identify a favorite beverage from a list of beverages offered for the same price. They then react to changes in the price of that favorite beverage. Students use the data collected from this activity to describe the relationship between price and quantity demanded. They analyze other examples and learn that the relationship between price and quantity demanded holds for most goods, and that this relationship is called the law of demand.
Objectives of this lesson:
Students will be able to
- define consumers and price,
- describe the relationship between price and the amount people are willing and able to buy as the law of demand, and
- analyze why the inverse relationship between price and the amount people are willing and able to buy exists.
Compelling Question:
Why do people buy more at lower prices and less at higher prices?
This lesson plan is designed for teaching grades 3, 4, and 5.
---
If you have difficulty accessing this content due to a disability, please contact us at 314-444-8624 or economiceducation@stls.frb.org.
