Curriculum Guide
Grade 7 – Social Studies Standard 3.1
Economics.3.1 - Supply and demand influence price and profit in a market economy.
Related Colorado Department of Education Sample Units:
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Haves and Have-Nots - Grade 7 Social Studies - Unit 1 - Concepts: International, interdependence, technological advances, taxes, resources,
manufacturing, profit, market economy, supply and demand, common interests, wealth, exploitation, intra-societal, imperialism, feudalism,
democracy, monarchy, colonialism
Ch....Ch....Ch....Ch....Changes! - Grade 7 Social Studies - Instructional Unit 3 - Concepts: Distribution, interdependence, place, value, supply
and demand, environment, tools, technology, region, migration, evolution, economy, resources, wants and needs, commodities, emigrate,
immigrate, trade, scarcity, cultural maintenance
What's it Worth? - Grade 7 Social Studies - Unit 4 - Concepts: Interaction, innovation, invention, taxes, income, expenses, consumer, economy,
currency, value, production, distribution, finance, citizen, civilization, conflict, era, technology, mass communication, nationalism, capitalism,
communism, socialism, guild, consumer, producer, exploration
Essential Questions - 21st Century Skills and Readiness Competencies (District):
1. How do consumers determine what is produced?
2. What happens if a good or service is overpriced?
3. When goods and services are scarce or plentiful what might happen to the
price? Why?
Essential Questions (Local):
1. What are the factors of supply and demand?
2. What are some elements that cause changes in supply and demand?
3. What foundations within the economy impact prices?
4. How do consumers regulate what is produced in a market economy?
5. Who makes a profit in a market economy?
6. How do supply and/or demand establish equilibrium price and quantity?
Academic Vocabulary (District):
banking
commodity
consumer
demand
economy
equilibrium price
finance
fundamental analysis
global
good
industry
interest rate
Evidence Outcomes (District):
a. Define supply and demand.
b. Identify factors that cause changes in supply and demand.
c. Define and identify factors that impact price.
d. Identify examples to illustrate that consumers ultimately determine what is produced
in a market economy.
e. Explain the function of profit in a market economy.
f. Demonstrate how supply and demand determine equilibrium price and quantity.
Assessment (District):
1. Use the paragraph as assessment, measuring for accurate examples.
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Paragraph Writing Rubric
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Rubric for Well Written Paragraph
2, 3, & 4. Assessments are located within the lessons.
5. Use the cartoon as assessment.
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Rubric for Political Cartoon
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Cartoon Rubric
6. Have students assess each other on drawings.
inventory
marketplace
market economy
natural disaster
overpriced
politics
produce
producer
quantity
scarce
service
stock
supply
surplus
trade
trend
Suggested Activities/Strategies (District):
1. Have students write a brief short paragraph about the role individuals play in a
market economy and how that affects their town, state, and nation.
2. Use the Competitions Work in Our Favor lesson to challenge students to think about
competition.
3. In the Supply and Demand At the Gold Rush lesson, students are the economic
spotters, who can spot examples of economic concepts in historical places. This
lesson sends students in a time machine back to the Gold Rush.
4. In the Rich, Poor, or Somewhere in the Middle lesson, students have the opportunity to
use economic and social indicators to identify the connection between a country's
access to resources and its economic development.
5. Have students look at political cartoons which mock the economy of any
country. Then have them create their own political cartoon with a caption stating how
they feel about the current economy of the U.S.
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Political Cartoons
6. Have students create a circular flow model of a market economy, then move to small
groups to create a picture of how the flow should be. Next, have students give actual
scenarios about how to best describe the model. This can then lead to a jigsaw activity
where groups definitions of circular flow in a market economy.
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The Circular Flow of Economic Activity
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The Circular Flow of the Economic Activity
7. Have students research how natural or a human-caused disaster drove up prices.
Discuss how a sudden increase in price after an event plays a role in some resources
becoming scarce, which then drives the prices up. Have student list examples of items
that would be tied to such an event and how this affects a person’s needs more than
wants.
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Case Study on Thai Flooding
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How Disasters Affect the Economy
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Drawing Rubric
7. Students can present their research as the assessment.
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Oral Presentation Rubric
Resources/Technology (District):
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Economic Education Web
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U.S. Economics for Kids
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Supply and Demand Charts
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Introduction to Marketing
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Lesson Plan Central
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Supply and Demand Activities for Kids
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Venn Diagram
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Economic System WebQuests
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The World Factbook
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Economic Cartoons
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Supply and Demand Lessons