Peer Review

Quantity Supplied and Quantity Demanded

Material Detail page

Reviewed:: Apr 19, 2022 by Business

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Ratings

Overall Rating:

Content Quality:

Effectiveness:

Ease of Use:

Overview:

This submission is a Stand Alone Instructional Resource (StAIR). This StAIR is designed for a high school level economics classes. It is in alignment with the Michigan grade level content expectations for economics. E1.3.1: Law of Supply – Explain the law of supply and analyze the likely change in supply when there are changes in prices of the productive resources (e.g., labor, land, capital including technology), or the profit opportunities available to producers by selling other goods or services, or the number of sellers in a market. E1.3.2: Law of Demand – Explain the law of demand and analyze the likely change in demand when there are changes in prices of the goods or services, availability of alternative (substitute or complementary) goods or services, or changes in the number of buyers in a market created by such things as change in income or availability of credit. The lesson is a great way for students to learn or reinforce prior learning with the concepts of changes in supply vs changes in quantity supplied as well as changes in demand vs changes in quantity demanded. Instead of using just text to illustrate these concepts this StAIR uses numerous graphic illustrations and charts to visually represent the concepts of changes in supply, quantity supplied, demand, and quantity demanded. These concepts are visually illustrated to show how they affect supply and demand curves. A really beneficial aspect of the StAIR is that students are continuously assessed on their understanding of content and must learn one concept before moving on to the next. The StAIR is designed to achieve student mastery of the content and I really love that aspect of the design.

Type of Material:

Drill and Practice

Recommended Uses:

This material could be used in a variety of environments: in-class, individual, self paced to name a few.

Technical Requirements:

Requires a computer that has microsoft PowerPoint

Identify Major Learning Goals:

Explain the law of demand.
Explain the law of supply
Explain the concepts of substitute and complementary goods.
Explain the concept of a shift in Demand.
Will achieve student mastery of the content.

Target Student Population:

High School

Introductory economics classes

Prerequisite Knowledge or Skills:

None

Content Quality

Rating:

Strengths:

Each slide is designed to advance the student through an understanding of the distinction between a movement along a demand curve and a shift of the demand curve
The content provided is valid and complete.
The content is appropriate for the topics being discussed.

Concerns:

The interactive self-check assessments do not seem to be working in the material presented. It may just be a small issue to fix.
Inconsistency in some slides.

Potential Effectiveness as a Teaching Tool

Rating:

Strengths:

The teaching goals are easy to identify.
The material increases the potential for student learning with the self-check question interlaced in the material presented.
If more care was taken to edit the slides, these could be an effective learning tool for the students.

Concerns:

The self check assessments need to be reviewed to verify they are working properly.
No reference was made to the prerequisite knowledge of the student although I assume that the student would be required to attend a lecture on these concepts or have read the chapter on the material.

Ease of Use for Both Students and Faculty

Rating:

Strengths:

The material has clear and accurate instructions as a PPT.
The material is easy to navigate and use.
Can be a very simple and effective learning tool.

Concerns:

The slides need to be updated on a regular basis with contemporary examples.
The self check assessments in the material do not appear to working properly.

Other Issues and Comments:: Slides 20-22 are unclear. Unless I am misreading the text (in which case, it needs to be clarified), the slides cover the event of an increase in the cost of a resource that shifts the supply curve to the left, causing a change in the equilibrium price and quantity of a good, and a decrease in the quantity demanded of the good. The graphs show a movement along both the supply and demand curves (?). Slide 23. The slide should make clear that the market being considered is coffee. Then, each event should be listed with, not only which curve is changing (shifting), but the direction each curve is shifted. For example, “Coffee prices are expected to rise rapidly in the near future” causes an increase in the demand for coffee today, and a shift to the right of the demand curve. Note: price expectations can also change the supply of coffee, that is, they can cause a decrease in the supply of coffee today, and a shift to the left of the supply curve. These kind of clarifications and attention to detail will result in better clarification of the concepts and better accuracy. Slides 23 - 33 are the same slides. Careless editing. Slides 27 is outdated. Reference is made to the iPhone 5. We are now on the iPhone 12.
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