Supply and Demand Anchor Chart
As we talk about why people buy certain products, and why products might not be in stores anymore, supply and demand are vocabulary words we can use to describe these things. It is important that we remember these words, so I created an anchor chart to help us remember the two! These ideas were just introduced to give students a general idea; next year, they will go into greater detail about them.
Connection to Social Studies Standard: 16. Individuals must make decisions because of the scarcity of resources. Making a decision involves an opportunity cost, the value of the next best alternative given up when an economic choice is made. 17. A consumer is a person whose wants are satisfies by using goods and services. A producer makes goods and/or provides services. 18. A market is where buyers and sellers exchanging goods and services.
Connection to Social Studies Standard: 16. Individuals must make decisions because of the scarcity of resources. Making a decision involves an opportunity cost, the value of the next best alternative given up when an economic choice is made. 17. A consumer is a person whose wants are satisfies by using goods and services. A producer makes goods and/or provides services. 18. A market is where buyers and sellers exchanging goods and services.
Import vs. Export Anchor Chart
As we continue our discussion on resources and goods, we learned that the United States, and states within in the country, can't make everything they might need in one area. That is where the idea of imports and exports comes in! This anchor chart defines the two terms, and has a drawing to help you remember what exporting is.
Connection to Social Studies Standard: 16. Individuals must make decisions because of the scarcity of resources. Making a decision involves an opportunity cost, the value of the next best alternative given up when an economic choice is made. 17. A consumer is a person whose wants are satisfies by using goods and services. A producer makes goods and/or provides services. 18. A market is where buyers and sellers exchange goods and services.
Connection to Social Studies Standard: 16. Individuals must make decisions because of the scarcity of resources. Making a decision involves an opportunity cost, the value of the next best alternative given up when an economic choice is made. 17. A consumer is a person whose wants are satisfies by using goods and services. A producer makes goods and/or provides services. 18. A market is where buyers and sellers exchange goods and services.