Price Ceilings Lesson Plan - Price Controls

This FREE economics lesson plan introduces Price Ceilings through videos, interactive exercises, and classroom activities.

This step-by-step 45-minute lesson has everything you need to use it immediately, including activity sheets, Google slides, and answer key. We also include ways for you to tailor the lesson to your class by providing additional resources like assessment questions, teacher tips, and engaging extension activities. 

Learning Objectives

Students will be able to:

• Define a price ceiling.
• Examine the effect of implementing a price ceiling on quantity supplied and quantity demanded.
• Discuss the unintended consequences of a price ceiling.
• Graph a price ceiling using a supply and demand graph.
• Identify a shortage created by a price ceiling on a supply and demand graph. 
• Identify the welfare effects of a price ceiling.

Economic Concepts Introduced

• A price ceiling establishes a maximum legal price. 
• A shortage occurs when the quantity demanded of a good exceeds the quantity supplied.