Pearl Exchange Lesson Plan

Grade level 10-12th Economics

/subject
Context I teach Economics during my 5th Bell class to 26 10-12th Grade
description students. The Social studies department does not track students into
certain classes so there are students from a variety of different
levels. However, due to the nature of the class and its role as an
elective there are traditionally many gifted students in the class .
There is also only one student with a 504 plan who traditionally
declines accommodations. There are a number of students who
have an interest in economics or intend to pursue a career in a
business related field.

Standards met 5. Markets exist when consumers and producers interact. When supply or
demand changes, market prices adjust. Those adjustments send signals and
provide incentives to consumers and producers to change their own decisions.
Objectives The students will be able to:
1. Describe how prices are determined in a supply and demand
simulation
2. Analyze political decisions to determine their effect on the
economy.

Question of the How do prices get determined?

Day?
Resources Ch. 6 - Supply and Demand PowerPoint (for Bell Ringer)
Supply and Demand questions (homework the night before)
Pearl Exchange wkst (used in simulation)
Government News Headlines - (used for final assessment)
Red chips (pearls)
Bell Ringer - At the start of class students will work independently on their
bell ringer which will ask them to review material on supply and demand
from the class before. Question will ask, What is the name for the price
where quantity supplied and quantity demanded meet at?

Teacher will walk around and check homework from the night before
during this time.
Instructional sequence:
Instructional Segment 1- Homework Check (10 min)
outline
Teacher will go over homework with students
Teacher will ask for a quick check of homework.
 Pearl Exchange Lesson Plan

Segment 2- PreAssessment (10 min)

Google Forms Survey
Students use phones to go around the room and answer
questions
If they get the question wrong, it links them to a hint to get it
right
Students will get a word scramble to complete

Segment 3: Simulation (25 min)

Mr Cole will give students instructions for the pearl

exchange. Students are going to buy and sell pearls with one
another. Half the room will be buyers and half the room will
be sellers. The maximum amount of money students have is
$200.
Students buy and sell and then the seller will come up and
give me the price.
Students will record their price and the equilibrium point of
the market
2nd Round - same instructions - used to calibrate our
equilibrium price
Students draw a quick graph to visually demonstrate their
equilibrium price
3rd Round - Sellers have 2 pearls, buyers only allowed to
buy one
Repeat procedures, Teacher discusses the rise in price
4th Round - Buyers have to buy 2 pearls, sellers can only
sell 1.
Repeat procedures, teacher discusses the rise in price
Students work on reflection questions

Closure Teacher gives students 2 political headlines and will lead

discussion about what each policy will do to prices.
Differentiation The Pre-assessment/Reteaching activity to begin class is designed to target
individual students who may struggle with the content from the day before.
As a student gets an answer wrong, it links them to help.
Formative assessments: Bell Ringer (Objective 1)
Assessments of Google Forms (Objective 1)
learning Simulation (Objective 1)
Political Questions (Objective 2)
Summative assessments:
End of Unit 2 Test (Objective 1,2)
Pearl Exchange Lesson Plan