Oklahoma Social Studies E.C.3.6
The Standard
- E.C.3
- Explain how prices are set in a market economy and will determine how price provides incentives to buyers and sellers.
Explain how competition impacts market production and the allocation of goods and services to consumers.
Oklahoma Academic Standards for Social Studies (2026) · E.C.3
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students explain why rival sellers may change how much they make, what they charge, and what they offer. They trace how those choices affect which buyers can get the goods or services.
What Mastery Looks Like
- Given a town with one bakery and then three, a student predicts how bread production, prices, and customer choices might change. They use prices and available loaves to explain which shoppers can buy bread.
Common Misconceptions
- Students may think more sellers means every buyer gets what they want. They may confuse making more goods with sharing them equally, or assume sellers always lower prices even when costs rise.
How to Assess It
- Exit ticket: One bakery sells 20 loaves for $5 each. Two bakeries open nearby; predict changes in loaves made and price, then explain what could change for a shopper with $4.
Lesson moves
Ways to Teach It
Give two groups paper snack tokens; let each set prices and sell to classmates with play money, then remove one seller and compare results.
Ask, "If two pizza shops open beside one school, what might each change about prices, menus, or pizzas made? Why?"
Give pairs two scenario cards, one bakery or three bakeries; students predict loaves made, prices, and buyers served, then compare answers.
Compare two grocery flyers for milk prices and package sizes; ask which store gets a shopper with $5 and how rivals might respond.
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Printable E.C.3.6 Worksheet
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Related Standards
- 6.C.6.1
Explain how people organize economic systems to address basic economic questions regarding which goods and services will be produced, how they will be distribut...
- E.C.3.3
Explain ways that firms engage in competition and examine the role of firms in setting prices in a market economy, including administered price theory and the i...
- E.C.8.2
Explain how economic conditions, including supply and demand, have an impact on consumers, producers, and government policymakers.
- 3.C.4.1.B
Describe how the laws of supply and demand impact people's choices about producing and consuming goods and services.
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