Indiana Social Studies E.2.4
The Standard
Identify factors that cause changes in market supply and demand and how these changes affect price and quantity in a competitive market.
2026 Indiana Academic Standards: K-12 Social Studies · Students explain that because resources are limited, people must make choices, understanding the role that supply, demand, prices, and profits play in a market economy. Key elements of the course include study of scarcity and economic reasoning, supply and demand, market structures, the role of government, national economic performance, the role of financial institutions, economic stabilization, and trade.
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students identify what can change demand, such as income or tastes, and supply, such as input costs or technology. They use a graph to predict how each change affects market price and quantity sold.
What Mastery Looks Like
- Given a crop freeze, a student shifts supply left and shows a higher price and fewer units sold. Given a surge in demand for a snack, they shift demand right and show a higher price and more units sold.
Common Misconceptions
- Students may say demand increased just because a price rose, when buyers are actually purchasing less at that price. They may also assume a crop freeze raises both the price and the number sold.
How to Assess It
- Exit ticket: A frost cuts the orange crop. Draw the supply shift and label the new market price and quantity sold.
Lesson moves
Ways to Teach It
Give pairs graph paper and two pipe cleaners. Have them shape supply and demand curves, then move supply left after a crop freeze.
Ask: Why might a viral video raise both sneaker prices and sales, while a factory fire raises prices but lowers sales?
Run a card sort with events such as rising wages and cheaper machinery. Students name the curve that shifts and predict price and quantity.
Show an orange price in a grocery flyer and a crop freeze headline. Ask students to predict next month's price and quantity sold.
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Printable E.2.4 Worksheet
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Related Standards
- GE.3.2
Analyze the relationships between price, quantity, supply, demand, and equilibrium.
- E.2.3
Provide examples of how supply and demand determine equilibrium price and quantity.
- E.3.3
Explain how competition in markets affects price and quantity.
- 4.E.3
Explain that prices change as a result of changes in supply and demand for specific products.
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