Florida SS.7.E.1.3
The Standard
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 States.
Florida Next Generation Sunshine State Standards for Social Studies
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students explain how limited resources force consumers, businesses, and governments to make tradeoffs. They predict how changes in buyers or sellers affect prices and connect those choices to the United States economy.
What Mastery Looks Like
- Given a market scenario, students can identify the scarce resource, the choice made, and the next best option given up. They can predict a price change and explain the roles of private businesses and government.
Common Misconceptions
- Students may treat scarcity as a temporary shortage or define opportunity cost as only money spent. They may reverse supply and demand effects or assume a mixed economy means equal government and private control.
How to Assess It
- Give students this prompt: “A freeze destroys half the orange crop while demand stays steady. Predict the price change and name one opportunity cost for shoppers.”
Lesson moves
Ways to Teach It
Give groups limited tokens and product cards, then run three buying rounds with changing supply and buyer demand.
Ask students to explain whether attending a school event or working a paid shift has the greater opportunity cost.
Play a market prediction game where teams earn points for correctly predicting price changes after reading event cards.
Compare prices from two grocery advertisements and discuss how weather, fuel costs, buyer preferences, or government rules could explain differences.
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Printable SS.7.E.1.3 Worksheet
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Related Standards
- SS.7.E.1
Understand the fundamental concepts relevant to the development of a market economy.
- SS.6.E.1
Understand the fundamental concepts relevant to the development of a market economy.
- SS.8.E.1.1
Examine motivating economic factors that influenced the development of the United States economy over time including scarcity, supply and demand, opportunity co...
- SS.8.E.1
Understand the fundamental concepts relevant to the development of a market economy.
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