1.

Start off talking about law of supply:

a. People are going to want to produce as much of something as they can
because the price is rising so theyll make more $
b. Show law of supply using a chart with a supply curve, noting that the
supply rises as the price does
2. Then talk separately about the law of demand
a. Law of Demand: Demand is going to rise as price falls
b. Show law of demand using a chart with only demand curve.
3. Then show both on the same chart. Make note of the equilibrium point (where
supply and demand meet means there is no surplus or shortage).
4. Then show where supply and demand could be shortage or surplus at certain
prices.
Autopending on how deep you want to dive, you could talk about supply and demand
curve shifts, (might be above 8th graders though)
5. Have students get in groups of four as you call out different scenarios they can
draw out on their white boards or paper and have them raise them on the count of
three.
a. For example: Draw me a picture that represents the law of supply
b. Draw me a picture of an equilibrium point
c. Draw me a picture of a shortage/surplus of iPods (or whatever they are
interested in)
i. Go into explanation of each giving correct example