PFLE.SS.1.E
Evaluate how prices and quantities are determined through supply and demand.
Personal Financial Literacy and Economics · Texas Essential Knowledge and Skills (TEKS) · TEKS 2010
Standard Unwrapping
AI-generated as a starting point — sign in to edit.Vocabulary
pricesquantitiessupplydemand
Skills
- identify (factors influencing prices and quantities) #dok1
- describe (the relationship between supply and demand) #dok1
- explain (how supply and demand determine prices and quantities) #dok2
- analyze (market scenarios to determine effects on price and quantity) #dok3
- evaluate (the impact of changing supply and demand conditions on prices and quantities) #dok3
Learning Targets
- I can identify factors that influence prices and quantities in a market. #dok1
- I can describe how supply and demand are related to market outcomes. #dok1
- I can explain how prices and quantities are determined through supply and demand. #dok2
- I can analyze market scenarios to predict changes in price and quantity when supply or demand shifts. #dok3
- I can evaluate the potential effects of different supply and demand changes on equilibrium price and quantity. #dok3
Big Ideas
- Prices and quantities in a market are determined by the interaction of supply and demand.
- Changes in supply or demand can disrupt market equilibrium, affecting both prices and quantities.
Essential Questions
- How do supply and demand work together to set market prices and quantities?
- What happens to price and quantity when supply increases or demand decreases?
- How can shifts in supply or demand lead to market surpluses or shortages?
- Why is understanding supply and demand important for making economic decisions?
- In what ways can external factors influence supply and demand in a market?