PFLE.SS.1.G
Analyze how non-price determinants of supply and demand affect equilibrium price and equilibrium quantity.
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
non-price determinantssupplydemandequilibrium priceequilibrium quantity
Skills
- analyze (effects of non-price determinants on supply and demand) #dok3
- analyze (how equilibrium price and equilibrium quantity are affected) #dok3
- identify (non-price determinants of supply and demand) #dok1
- explain (the relationship between non-price determinants and market equilibrium) #dok2
Learning Targets
- I can list examples of non-price determinants of supply and demand. #dok1
- I can define equilibrium price and equilibrium quantity. #dok1
- I can describe how a specific non-price determinant affects supply or demand. #dok2
- I can explain how a shift in supply or demand alters equilibrium price and quantity. #dok2
- I can analyze a scenario to determine how a change in a non-price determinant will impact equilibrium price and quantity. #dok3
- I can differentiate between price and non-price determinants in affecting market equilibrium. #dok2
Big Ideas
- Market equilibrium results from the interaction of supply and demand, which can be influenced by factors other than price.
- Non-price determinants play a significant role in changing market conditions and shifting equilibrium outcomes.
Essential Questions
- What are non-price determinants of supply and demand, and how do they work in the market?
- How does a shift in supply or demand caused by non-price factors impact equilibrium price and quantity?
- What are common examples of non-price determinants, and how do they differ from price changes?
- Why is it important to understand non-price influences when analyzing market behavior?
- How could government policies or external events act as non-price determinants to impact market equilibrium?