can u suggest some great class activities for the lesson on market equilibrium in micro economics
tks linette
The following can be some of the class activities based on the topic of equilibrium.
- Visit a nearby vegetable store. Collect data on the demand and supply of a particular vegetable at different prices. With the help of the data determine the equilibrium price.
- Divide the class in three groups. Let, one of the section acts as a government, second acts as potential apartment seekers, and the third acts as the owners of apartment. The activity can be divided into four or five rounds. In the initial rounds the demand and supply of the apartments is determined with the interaction of the apartment seekers and the apartment owners and an equilibrium rent is determined. After two rounds, the government would impose a ceiling on the rent. Again, the two groups interact and the situation of excess demand can be analysed.
- To encourage the opening of retail business, the government imposes a ceiling on the shop rent. Evaluate whether the move will be actually able to encourage people to start a business and take up shop premises on rent.