National Standards in Economics
Below are the National Standards in Economics that most closely relate to the following lesson. Switch to National Standards in Personal Finance
LESSON
Theme 3: Lesson 11 - This One or That One?
http://fffl.councilforeconed.org/lessons.php?lid=68174&gradeLevel=3-5
Grades: 3-5
STANDARDS
Standard: 7
Grades: 4-12
- Markets and Prices
- Students will understand that: Markets exist when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce goods and services.
- Students will be able to use this knowledge to: Identify markets in which they have participated as a buyer and seller and describe how the interaction of all buyers and sellers influences prices. Also, predict how prices change when there is either a shortage or surplus of the product available.
Standard: 8
Grades: 4-12
- Role of Prices
- Students will understand that: Prices send signals and provide incentives to buyers and sellers. When supply or demand changes, market prices adjust, affecting incentives.
- Students will be able to use this knowledge to: Predict how changes in factors such as consumers' tastes or producers' technology affect prices.
