Grade 9-12
,
Activity
Reviewing Price, Supply and Demand
Objective
Students will be able to:
- Determine the relationship between price, supply and demand.
Standard
National Standards in Economics
Markets and Prices
Standard: 7
- 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.
Concepts
![](https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-1215919674-1024x634.jpg 1024w, https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-1215919674-300x186.jpg 300w, https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-1215919674-768x475.jpg 768w, https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-1215919674-1536x951.jpg 1536w, https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-1215919674-2048x1268.jpg 2048w, https://preview2.econedlink.org/wp-content/uploads/2021/07/iStock-1215919674-100x62.jpg 100w)
In this economic activity, students will review the relationship between price, supply, and demand.
Resources
Procedure
This is an individual activity where students will review the terms and relationships of price, supply, and demand. To complete this activity, students need to follow the directions below:
- Choose which format to complete with your class: Use the correct terms to complete the sentences in the Quizizz activity, the Reviewing Price, Supply and Demand worksheet, or ReadyAssessments Activity.
- Then, check the answer key.
Subjects:
Economics