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Rockdale County High SchoolLesson PlanStage One: Desired ResultsTitle:Economic AuctionGrade/Subject/Course:12th/EconomicsDates:10/29/2010Main Concepts:1.Supply and Demand2.InflationTeacher:D. PooleEstablished Goals:SSEMI2: The student will explain how the Law of Demand, the Law of Supply, prices and profits work todetermine production and distribution in a market economy.a.define the law of supply and the law of demandb.describe the role of buyers and sellers in determining market clearing priced.explain how prices serve as incentives in a market economySSEMI3:The student will explain how markets, prices, and competition influence economic behavior.a.identify factors that cause changes in market supply and demandSSEMI4:The student will illustrate the means by which economic activity is measuredb. define inflationEnduring Understandings:Prices are determined by interaction of supply and demandMarkets change in response to multiple factorsAn increase in demand can lead to a rise in pricesWhen money no longer has a limited supply, the purchasing power will decrease and prices will riseEssential Questions: