Idaho Social Studies 9-12.EC.2
The Standard
Identify ways in which the interaction of all buyers and sellers influences prices.
Idaho Content Standards: K-12 Social Studies · Fundamental Economic Concepts
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students explain how buyers and sellers together shape prices. They predict what happens to prices when more people want a product or sellers offer more of it.
What Mastery Looks Like
- Given a table of amounts buyers want and sellers offer at different prices, students find a price where the amounts match. They explain why too many buyers tend to push prices up and unsold goods tend to push prices down.
Common Misconceptions
- Students may think one buyer or seller sets the price for everyone. They may also think a higher price always means sellers are charging more, without considering changes in what buyers want or sellers can offer.
How to Assess It
- Exit ticket: At $5, buyers want 30 apples, but sellers offer only 10. Predict what happens to the price and explain why.
Lesson moves
Ways to Teach It
Give students buyer and seller price cards, let them trade paper apple vouchers, then add sellers and compare the sale prices.
Ask students to write why concert ticket prices might rise when 500 more fans try to buy the same number of seats.
Show four cards with changes in buyers or goods offered; have pairs predict the price change and check each other's reasons.
Compare strawberry prices in two grocery flyers, then name a buyer change or seller change that could explain the difference.
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Printable 9-12.EC.2 Worksheet
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Related Standards
- 3.SS.3.1
Explain the concepts of supply and demand and the role of the consumer and producer.
- 1.SS.3.1
Identify ways people meet their needs by sharing, trading, and using money to buy goods and services.
- 9-12.EC.3
Identify how incentives determine what is produced and distributed in a competitive market system.
- 9-12.EC.1
Apply and explain the concepts of supply and demand, scarcity, opportunity costs, and incentives, as well as their implications for decision-making.
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