Oklahoma Social Studies 5.P.2.4

5.P.2.4 is a cluster heading. These are the individual standards under it.

• 5.P.2.4.A

  Interpret and draw conclusions from economic data on charts and graphs.

• 5.P.2.4.B

  Explain how the concept of supply and demand operates in a market economy, using historical and contemporary examples.

• 5.P.2.4.C

  Analyze the importance of innovation and entrepreneurship in a market economy.

01

What Students Need to Do

Students compare who decides what to make in a market economy and a government-run economy. They use charts to explain how supply, demand, and prices change. They explain how a new business or product can serve customers locally, across the country, or abroad.

02

What Mastery Looks Like

Given a chart of apple supplies and prices, a student uses the numbers to explain why prices rose when fewer apples were available. They can explain how competing sellers give shoppers more choices and how a seller might meet a need with a new product.

03

Common Misconceptions

Students may think high demand means stores have more items, rather than more people want to buy them. They may assume a rising price means supply rose, or that every new product will sell well.

04

How to Assess It

Show a chart with 100 apples for sale at $1 on Monday and 50 at $2 on Friday, with buyer demand unchanged. Ask what changed, why the price rose, and what a new seller might do.

1. 01

   Hand out buyer budget and seller cost cards, have students negotiate apple prices, then remove two sellers and compare the recorded prices.

2. 02

   Ask, 'When miners flocked to California in 1849, why might food prices rise, and what new service could a shopkeeper offer?'

3. 03

   Post a graph of weekly toy orders and toys in stock; have teams use the lines to predict whether prices will rise.

4. 04

   Read a banana sticker's country of origin, mark it and your town on a map, and predict how shipping delays could affect local prices.

• 2.P.2.4

  The 2nd Grade version of this standard.

• K.P.2.4

  The Kindergarten version of this standard.

• MWH.P.2.4

  Identify the principles of economic systems and develop an understanding of the benefits of a market system in local, national, and global settings.

• TOT.P.2.4

  Identify the principles of economic systems and develop an understanding of the benefits of a market system in local, national, and global settings.