Florida SS.7.E.1

SS.7.E.1 is a Florida social studies standard. These are the benchmarks under it.

• SS.7.E.1.1

  Explain how the principles of a market and mixed economy helped to develop the United States into a democratic nation.

• SS.7.E.1.2

  Discuss the importance of borrowing and lending in the United States, the government's role in controlling financial institutions, and list the advantages and d...

• SS.7.E.1.3

  Review the concepts of supply and demand, choice, scarcity, and opportunity cost as they relate to the development of the mixed market economy in the United Sta...

• SS.7.E.1.4

  Discuss the function of financial institutions in the development of a market economy.

• SS.7.E.1.5

  Assess how profits, incentives, and competition motivate individuals, households, and businesses in a free market economy.

• SS.7.E.1.6

  Compare the national budget process to the personal budget process.

01

What Students Need to Do

Students explain how scarcity, supply, demand, prices, competition, private property, and profit guide choices in a market economy. They predict how changes affect buyers, sellers, and prices.

02

What Mastery Looks Like

Students use a short market scenario to identify the economic concepts at work. They can explain why a price changed and how buyers or sellers might respond.

03

Common Misconceptions

Students may think sellers can charge any price without losing customers, or that high demand always means low prices. They may also confuse profit with total sales revenue.

04

How to Assess It

Give students this exit ticket: “A storm damages the orange crop while demand stays the same. Predict what happens to orange prices and explain why.”

1. 01

   Run a classroom market where groups buy and sell limited pencils using play money, then graph each round’s prices.

2. 02

   Ask students to write who benefits and who faces costs when demand for concert tickets suddenly rises.

3. 03

   Play a supply and demand card game where students match market changes with likely effects on price and quantity.

4. 04

   Compare prices for one snack at three local stores, then identify how competition, location, and customer demand may explain differences.

• SS.6.E.1

  The 6th Grade version of this standard.

• SS.8.E.1

  The 8th Grade version of this standard.

• SS.6.E.2

  Understand the fundamental concepts relevant to the institutions, structure, and functions of a national economy.

• SS.8.E.2

  Understand the fundamental concepts relevant to the institutions, structure, and functions of a national economy.