Lesson plan
Learning
objectives
This chapter will:







explain the nature of demand and supply in a competitive
market
differentiate between a movement along a demand or a supply
curve and a shift of a demand or a supply curve
introduce the concept of elasticity and explain the different
elasticities students need to know
bring demand and supply curves together in a supply and
demand diagram
distinguish between market equilibrium and disequilibrium in a
supply and demand diagram
investigate different ways in which markets are interrelated
examine a number of real-world markets
Pages from the
student book
pp. 21–54
Questions from
the student book
Test yourself 2.1 (p. 26)
AQA
AS/Year
A-level
Economics
1 Macroeconomics
2 Price determination in a
competitive market
Test yourself 2.2 (p. 28)
Test yourself 2.3 (p. 29)
Test yourself 2.4 (p. 30)
Test yourself 2.5 (p. 31)
Test yourself 2.6 (p. 34)
Test yourself 2.7 (p. 39)
Test yourself 2.8 (p. 42)
Test yourself 2.9 (p. 42)
Test yourself 2.10 (p. 45)
Test yourself 2.11 (p. 53)
Case study 2.1: Elasticity and tobacco taxation (p. 28)
Case study 2.2: Housing market elasticities in the UK (p. 36)
Case study 2.3: Auctions (p. 42)
Case study 2.4: Competing supply: biofuels and food (p. 44)
Case study 2.5: Digital downloads replace CDs and DVDs (p. 44)
Case study 2.6: Speculative demand and metal prices (p. 47)
Case study 2.7: OPEC and the price of crude oil (p. 48)
Case study 2.8: Second-hand car prices in the recession (p. 49)
Case study 2.9: Britain’s housing crisis (p. 52)
End-of-chapter questions (p. 54)
Keeping the
course fresh
Elasticities of demand
Movements and shifts in demand and supply
Market equilibrium
AS/Year 1 Microeconomics
© Hodder & Stoughton Limited 2015
1
Tutorials
Demand and supply (video)
Income elasticity of demand and cross price elasticity of demand
(audio presentation)
Price elasticity of supply (audio presentation)
Interactive
graphs
The demand curve
Price elasticity of demand
The supply curve
Market equilibrium — demand and supply
Worksheets
The demand curve
Elasticity
The supply curve
AS/Year
AQA A-level
Economics
1 Macroeconomics
Price elasticity of demand (audio presentation)
The housing market
Putting demand and supply together
Extension
activities
The demand curve and rationality
Price, income and cross-price elasticity of demand
The supply curve
Price elasticity of supply
Applications of supply and demand
Knowledge tests
Demand
Supply
Market equilibrium
Answers
Student book answers
Worksheets and extension activities answers
AS/Year 1 Microeconomics
© Hodder & Stoughton Limited 2015
2