HS.SS.2.B
Identify the non-price determinants that create changes in supply and demand, which result in a new equilibrium price.
High School · Texas Essential Knowledge and Skills (TEKS) · TEKS 2010
Standard Unwrapping
AI-generated as a starting point — sign in to edit.Vocabulary
non-price determinantschanges in supplychanges in demandequilibrium pricesupplydemand
Skills
- identify (non-price determinants of supply and demand) #dok1
- describe (how non-price determinants cause changes in supply and demand) #dok2
- explain (how new equilibrium price is established as a result of changes) #dok2
- analyze (scenarios demonstrating shifts in supply and/or demand due to non-price determinants) #dok3
Learning Targets
- I can identify non-price determinants that affect supply and demand. #dok1
- I can describe how non-price determinants cause changes in supply and demand. #dok2
- I can explain how a new equilibrium price is established when supply or demand changes due to non-price factors. #dok2
- I can analyze real-world situations to determine how shifts in supply or demand impact equilibrium price. #dok3
Big Ideas
- Non-price determinants play a critical role in changing supply and demand, which in turn affects equilibrium price in a market.
- Markets are dynamic and factors beyond just price—such as income, preferences, and production costs—can lead to shifts in supply and demand.
Essential Questions
- What are non-price determinants of supply and demand?
- How do non-price determinants lead to changes in supply or demand?
- What happens to equilibrium price when supply or demand changes for reasons other than price?
- Why is it important for economists and businesses to recognize non-price determinants in the marketplace?
- How can changes in the economy or society result in a new equilibrium price for a product?