Alabama Social Studies SS24.E.4a
The Standard
- SS24.E.4
- Draw conclusions about how supply, demand, and price interact in a market economy.
Utilize circular flow diagrams to illustrate and explain the operation of the product market; the operation of the factor market; the real flow of goods and services between and among businesses, households, and government; and the flow of money.
2024 Alabama Course of Study: Social Studies
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students draw how households, businesses, and government exchange goods, services, labor, and money. They show what moves through the product market and the factor market, with arrows pointing the right way.
What Mastery Looks Like
- A student shows a worker supplying labor to a business and receiving wages in return. They also show a business selling a product to a household, and government collecting taxes and buying goods or services.
Common Misconceptions
- Students may put wages in the product market instead of the factor market. They may draw money moving in the same direction as the goods or labor it pays for. Some show taxes but leave out government purchases.
How to Assess It
- Ask students to draw households, businesses, government, and both markets. Have them label a labor and wage exchange, a product and payment exchange, and one government purchase.
Lesson moves
Ways to Teach It
Give groups five labeled cards and two colors of yarn. Have them connect labor, products, wages, purchases, and taxes with arrows.
Ask: When you buy a sandwich after work, where do your wages and payment appear on the diagram?
Hand out an unlabeled circular flow diagram. Read ten transactions aloud and have pairs place each on the correct arrow.
Use a city bus purchase: trace how a bus company supplies the bus, the city pays for it, and taxes help fund it.
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Printable SS24.E.4a Worksheet
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Related Standards
- SS24.E.4
Draw conclusions about how supply, demand, and price interact in a market economy.
- SS24.HG.14a
Trace the flow of commodities among regions of the world, explaining why patterns develop and identifying factors that might interrupt the transfer of goods.
- SS24.2.4
Explain the economic processes of production and distribution, including the roles of producers, consumers, goods, and services.
- SS24.1.6a
Explain how products are distributed from producers to sellers to consumers.
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