Indiana Social Studies GE.3.2

Social StudiesGrades 9–12Economic Systems Structures

The Standard

Analyze the relationships between price, quantity, supply, demand, and equilibrium.

2026 Indiana Academic Standards: K-12 Social Studies

Teacher's field guide

What Students Need to Do: Students use a graph or table to find the price where buyers want to buy the same quantity sellers want to sell. They predict how price and quantity change when demand or supply changes.
What Mastery Looks Like: Given a table, students find the price where quantity demanded equals quantity supplied. They move the correct curve on a graph and predict the new price and quantity. They explain why prices above that point cause surpluses and prices below it cause shortages.
Common Misconceptions: Students may think a higher price increases demand, rather than reducing the quantity demanded. They may shift the whole supply curve when only price changes. Some think equilibrium means a fair price, rather than a price where quantities match.
How to Assess It: Ask students to sketch supply and demand for concert tickets, shift demand right, circle the new crossing, and state how price and quantity change.

Lesson moves

Give pairs price cards with buyer and seller quantities; have them line up matching prices and flag where the quantities match.
Ask: Why might a concert ticket sell out at $20 but sit unsold at $200? Have students explain using supply and demand.
Call out a supply or demand change; teams sketch the shifted curve and write the new direction of price and quantity.
Show grocery flyers with egg prices from two weeks; ask students to suggest a supply or demand change that could explain the difference.

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