Episode 20 of 60 · Financial Literacy: Cash Course
Supply & Demand
Grades 6th+
Economics · Economics — Economics & Financial Literacy · Financial Literacy · Economics — Contemporary World Issues · Captions
About This Video
Why are new products that everyone wants so expensive? And why do they go on sale once people stop buying them? This episode of Cash Course teaches the basics of supply and demand—how they work together through the invisible hand of the market to determine what is produced, how much, and at what price.
Standards Met in Ohio
- 6.E.15Grades 6thThe interaction of supply and demand, influenced by competition, helps to determine price in a market. This interaction also determines the quantities of outputs produced and the quantities of productive resources (entrepreneurship, human resources, natural resources and capital) used.
- 9-12.EFL.5Grades 9th, 10th, 11th, 12thMarkets exist when consumers and producers interact. When supply or demand changes, market prices adjust. Those adjustments send signals and provide incentives to consumers and producers to change their own decisions.
- CWI.9-12.22.lp.dGrades 9th, 10th, 11th, 12thIdentify products produced in a given country.
- EFL.9-12.11.lp.fGrades 9th, 10th, 11th, 12thIdentify reasons why people work.
- EFL.9-12.4.lp.dGrades 9th, 10th, 11th, 12thUnderstand that a market economic system uses individual choices of buyers and sellers to distribute resources through supply and demand.
- EFL.9-12.5Grades 9th, 10th, 11th, 12thMarkets exist when consumers and producers interact. When supply or demand changes, market prices adjust. Those adjustments send signals and provide incentives to consumers and producers to change their own decisions.
- EFL.9-12.5.lp.cGrades 9th, 10th, 11th, 12thIdentify scarcity as a limited supply of a good.
- SS.6.13aGrades 6thDescribe how the wants of people determine what goods and services are produced.
- SS.6.15Grades 6thThe interaction of supply and demand, influenced by competition, helps to determine price in a market. This interaction also determines the quantities of outputs produced and the quantities of productive resources (e.g., entrepreneurship, human resources, natural resources, capital) used.