Peer Review

Supply and Demand, an explorable explainer

Material Detail page

Reviewed:: Jan 20, 2023 by Business

Bookmark

Ratings

Overall Rating:

Content Quality:

Effectiveness:

Ease of Use:

Overview:

This is an interactive, visual explainer on Supply and Demand, from first principles. It serves as an introduction to the theory, hoping to bring it to life, visually, one step at a time.

Type of Material:

Simulation

Recommended Uses:

Supplemental material to class lecture

Technical Requirements:

Chrome, Bing

Identify Major Learning Goals:

Describe the theory of Supply and Demand
Introduce students to elements of the market.
Identify the role of price as signal to buyers and sellers
Demand price as maximum willingness to pay
Supply price as minimum willingness to accept
Consumer and producer surplus
The role and definition of equilibrium price in market trading

Target Student Population:

Entry level Economics classes
Entry level Business classes
High school Economics classes

Prerequisite Knowledge or Skills:

None

Content Quality

Rating:

Strengths:

Content of the material is complete
Content is appropriate for supporting the economic theory of Supply and Demand.
Can be used as a stand-alone learning exercise that provides a good foundation for later economic concepts

Potential Effectiveness as a Teaching Tool

Rating:

Strengths:

Can be used as a stand-alone learning exercise that provides a good foundation for later economic concepts
The material (simulation) promotes conceptional understanding of the theory of supply and demand in economics.

Concerns:

None

Ease of Use for Both Students and Faculty

Rating:

Strengths:

Very visual.
Simple, uncluttered graphics.
A click activates the simulation.
The material is clear and concise.
The simulation is easy to use and navigate.

Concerns:

None

Other Issues and Comments:: An excellent and engaging simulation to explain the role of price for buyers and sellers in the marketplace.
Creative Commons: