Virginia SOL CE.12.c
The Standard
explaining the concept of inflation and the effect of supply and demand on consumer prices in a market economy
Virginia Standards of Learning for History and Social Science · The student will apply history and social science skills to describe the United States economy by
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students explain inflation as a continuing rise in prices across the economy, which means the same amount of money buys less. They identify whether supply or demand changes in a scenario, then predict and explain the likely effect on price.
What Mastery Looks Like
- A student can read a market scenario, name the factor that changed, and trace why the price will likely rise or fall. The student can also distinguish one product's price change from inflation affecting many goods and services.
Common Misconceptions
- Students may call any increase in one item's price inflation. They often think high demand always means a shortage, or that greater supply raises prices. Some assume inflation means every price rises by the same amount.
How to Assess It
- Exit ticket: A storm destroys half the orange crop while demand stays constant. Predict what happens to orange prices, explain why, then state whether this alone proves inflation.
Lesson moves
Ways to Teach It
Give each group 20 tokens and vary the number of snack cards across three auction rounds; students graph each round's average price.
Ask students to explain whether a sudden increase in sneaker prices is inflation, using evidence about prices across the economy.
Play a card sort where students match supply or demand events to price predictions, then defend one match to a partner.
Compare current and five-year-old prices for eggs, gasoline, and movie tickets, then discuss purchasing power and possible causes of each change.
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Related Standards
- CE.12.e
explaining the role of consumers, producers, and government interactions on the economy;
- CE.13.e
explaining the role of government currency and analyzing the purpose of a money economy;
- CE.11.a
explaining that because of scarcity, consumers, producers, and governments must make economic choices, and understanding that all choices have an opportunity co...
- 2.13.d
explaining that scarcity (having limited resources) requires people to make choices about producing and consuming goods and services.
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