Georgia Homeroom

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Georgia standard · Social Studies

`SSEMI2`Supply, Demand, and Prices

Explain how the law of demand, the law of supply, and prices work to determine production and distribution in a market economy.

Appears in: Social Studies, High School

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Expectations

SSEMI2a
Define the law of supply and the law of demand.
SSEMI2b
Describe various determinants (shifters) of supply and demand and illustrate on a graph how they can change equilibrium price and quantity.
SSEMI2c
Explain and illustrate on a graph how prices set too high (e.g., price floors) create surpluses, and prices set too low (e.g., price ceilings) create shortages.

Georgia Milestones coverage

No Georgia Milestones blueprint cites this standard.