3.SS.6.A
Explain how supply and demand affect the price of a good or service.
Grade 3 · Texas Essential Knowledge and Skills (TEKS) · TEKS 2010
Standard Unwrapping
AI-generated as a starting point — sign in to edit.Vocabulary
supplydemandpricegoodservice
Skills
- explain (how supply affects the price of a good or service) #dok2
- explain (how demand affects the price of a good or service) #dok2
- analyze (the relationship between supply, demand, and price) #dok3
- predict (how changes in supply or demand could change price) #dok3
Learning Targets
- I can identify supply, demand, goods, and services in markets. #dok1
- I can explain how supply influences the price of a good or service. #dok2
- I can explain how demand influences the price of a good or service. #dok2
- I can analyze a situation where supply, demand, and price interact. #dok3
- I can predict what might happen to price if supply or demand changes. #dok3
Big Ideas
- The price of goods and services is influenced by the balance between how much people want and how much is available.
- Understanding supply and demand helps people make informed choices as buyers and sellers.
Essential Questions
- What happens to the price of a product when more people want it?
- How does increasing the amount of a good for sale affect its price?
- What are examples of goods or services whose prices have changed because of supply or demand?
- How can understanding supply and demand help you make better buying or selling decisions?
- What might happen if there is less of a product but many people want to buy it?