Texas TEKS 3.6

3.6 is a TEKS knowledge and skills statement. These are the student expectations under it.

• 3.6.A

  explain how supply and demand affect the price of a good or service

• 3.6.B

  define and identify examples of scarcity

• 3.6.C

  explain how the cost of production and selling price affect profits

• 3.6.D

  identify individuals, past and present, such as Henry Ford and Sam Walton who have started new businesses.

01

What Students Need to Do

Students explain how supply and demand can change prices and identify situations where resources or goods are scarce. They connect production costs and selling prices to profit, then identify people who started businesses.

02

What Mastery Looks Like

Students can predict whether a price may rise or fall when supply or demand changes. They can identify scarcity, find profit from simple numbers, and explain how an entrepreneur created a business.

03

Common Misconceptions

Students may think scarcity means something costs too much rather than there is not enough to meet wants. They may confuse sales revenue with profit or assume high prices always mean high profits.

04

How to Assess It

Give students this prompt: A baker spends $24 making 12 cupcakes and sells each for $4, but 20 customers want one. Find the profit, identify what is scarce, and predict what may happen to the price.

1. 01

   Run a classroom market with ten item cards, twenty buyer tokens, changing prices, and recorded sales.

2. 02

   Ask students to write why concert ticket prices might rise when more people want tickets than seats are available.

3. 03

   Play a card sort matching scenarios to supply increase, demand increase, scarcity, profit, or entrepreneur.

4. 04

   Use a grocery flyer to compare seasonal fruit prices and discuss how available supply may explain the differences.

• 4.10

  Economics. The student understands the characteristics and benefits of the free enterprise system in Texas. The student is expected to:

• 8.14

  Economics. The student understands the origins and development of the free enterprise system in the United States. The student is expected to:

• 5.10

  Economics. The student understands the development, characteristics, and benefits of the free enterprise system in the United States. The student is expected to...

• 5.11

  Economics. The student understands the impact of supply and demand on consumers and producers in a free enterprise system. The student is expected to: