Idaho Social Studies 4.SS.3.2

Social Studies4th GradeEconomics

The Standard

Explain the concepts of supply and demand and scarcity.

Idaho Content Standards: K-12 Social Studies

Teacher's field guide

What Students Need to Do: Students identify how many goods sellers can offer and how many buyers want and can buy. They explain why limited resources force choices and how supply and demand can affect price.
What Mastery Looks Like: Given eight muffins and twelve buyers who can pay, students identify the supply as eight and the demand as twelve. They explain why some buyers cannot get a muffin and why the seller might raise the price.
Common Misconceptions: Students may think something is scarce only when a store runs out. They may mix up buyers with sellers or assume that more buyers automatically means more goods are available.
How to Assess It: Exit ticket: A stand has six apples, and ten students each have enough money to buy one. Name the supply and demand, explain why some students cannot buy an apple, and predict one possible price change.

Lesson moves

Give ten students one token each and put six paper apples on a desk; count buyers and apples before students trade.
Ask, 'If frost ruins half an apple crop, what might happen to the price, and why?'
Sort cards showing a small harvest, a holiday rush, and limited farmland into supply, demand, or scarcity; explain each choice.
Use a grocery flyer to find a fruit price, then ask how a smaller harvest might change its supply and price.

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