BSG 1.5.1 Market demand and supply

Learning question(s)
  • What do the terms “demand” and “supply” mean?
  • What is the relationship between supply and demand?
  • What are commodities?
  • How are small businesses affected by supply and demand for commodities? 
 Mins Activities Teacher Notes Resources
 1: Carry out tasks on projector screen.  Welcome
 2: Discuss the meaning of the term "commodity"  What are commodities?
 3:Discuss the everyday meanings of demand, supply and equilibrium.

 Imagine that snakes were a commodity! Watch this video and find out how the price of snakes will be affected by demand and supply.
 Video: Indian Jones, supply, demand and equilibrium
 4: Discuss how changes to demand and supply for oil could change the demand and supply graph.  Demand and supply for oil
 5: Write a sentence explaining how a small business might be affected by changes to each of the four major commodity types.   Task: The effect of commodity prices on small business.
  Review lesson