Students learn how to identify headlines in the news and current events as illustrations of problems in supply and demand. Students will be linked to news sites to create their own analysis of supply and demand issues in problems facing our society.
“The verdict is in: California’s experiment with energy deregulation is not just a mess; it’s a certifiable failure, according to everyone from the state governor to the very utilities that initially backed the scheme.” This is how Charles Feildman, CNN Correspondent, began his article on January 4, 2001, entitled “The California Power Quagmire”. Has this happened with any other industry? How and why did this happen in California and can it happen in other states? To understand what happened one must look at some simple and basic concepts in economics.
Students learn about price-gouging. Using a hypothetical post-disaster example, they will learn more about supply and demand, as well as the complexities associated with price increases in a supply-constrained market.
The following lessons come from the Council for Economic Education's library of publications. Clicking the publication title or image will take you to the Council for Economic Education Store for more detailed information.
Teaching Financial Crises is an eight lesson resource that provides an organizing framework in which to contextualize all of the media attention that has been paid to the recent financial crisis, as well as put it in a historical context. The current events stories, opinion pieces, and other popular media pieces that are today in great supply have generally not connected to educational objectives, historical analysis, and economic processes and concepts that are used in the high school classroom. In Teaching Financial Crises, teachers will find a non-partisan and non-ideological resource to help them simplify and offer balanced perspectives on this challenging subject matter.
2 out of 9 lessons from this publication relate to this EconEdLink lesson.