Market Equilibrium
Students will analyze how supply and demand interact to determine equilibrium price and quantity in a market.
Key Questions
- Explain how markets naturally move towards equilibrium.
- Analyze the consequences of a market operating above or below equilibrium.
- Predict the new equilibrium after simultaneous shifts in supply and demand.
Ontario Curriculum Expectations
Suggested Methodologies
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More in Market Mechanics: Supply and Demand
The Law of Demand
Students will define and illustrate the law of demand, explaining the inverse relationship between price and quantity demanded.
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Determinants of Demand
Students will identify and analyze the non-price factors that cause shifts in the entire demand curve.
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Elasticity of Demand
Students will calculate and interpret price elasticity of demand, understanding its implications for revenue and policy.
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The Law of Supply
Students will define and illustrate the law of supply, explaining the direct relationship between price and quantity supplied.
2 methodologies
Determinants of Supply
Students will identify and analyze the non-price factors that cause shifts in the entire supply curve.
2 methodologies