2-5.1
Standard 2-5: The student will demonstrate an understanding of trade and markets and the role of supply and demand in determining the price and allocation of goods within the community.
2-5.1: Identify examples of markets and price in the local community and explain the roles of buyers and sellers in creating markets and pricing.(e)
It Is Essential For Students To Know:
- It is essential for students to know the role of trade in market transactions.
- Students should have an understanding of both the definition of markets and examples of markets in the local community.
- Students must recognize the role of buyers and sellers in determining the price and the amount of goods sold in the market.
- Students must understand the importance of buyers in determining the types of goods and services that are available in the market.
It Is Not Essential For Students To Know:
- It is not essential for students to know issues such as profit motive, the impact of shortages and surpluses, the determinants of supply and demand, or a graphical analysis of market forces.
2-5.1 Links To Information For Teachers