Economics — Microeconomics and Markets

Exam board: WJEC  |  Back to subjects

Board-Specific Note

WJEC specification; mainly taken in Wales.

Learning Objectives

• Explain supply and demand
• Analyse market equilibrium
• Understand elasticity

Key Points

• Demand and supply curves
• Equilibrium price and quantity
• Price elasticity of demand = %ΔQd/%ΔP

Lesson Plan (50 minutes)

1. Starter (5 min): Recall prior knowledge of microeconomics and markets with quick questions.
2. Teaching (15 min): Work through each of the learning objectives, explaining principles step by step.
3. Key points review (5 min): Revisit the key points together, confirming understanding.
4. Worked example (10 min): Model the example question: What happens to price when supply rises?. Solution: Price falls if demand is unchanged
5. Practice (10 min): Students attempt the practice questions independently; circulate and support.
6. Plenary (5 min): Review answers and address misconceptions.

Homework

• Draw shifts in demand
• Calculate PED
• Explain the effect of a price ceiling

Assessment

Check practice answers against the model answer; use the built-in practice questions as formative assessment.