Standards in Economics

Below are the National Standards in Economics that most closely relate to the following lesson.


The Economics of the Family Farm ~

Grades: 9-12


Name: Markets and Prices

Standard: 7

Grades: 4-12

  • 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.