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Standards for Using Systems of Equations with Supply and Demand Application

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National Standards in Economics

Name: Markets and Prices

Standard: 7

  • 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.

State Standards

Common Core State Standards

Name: HSA-CED.A

Standard: High School: Algebra

Area: High School: Algebra

  • Create equations that describe numbers or relationships.

Name: HSA-REI.C

Standard: High School: Algebra

Area: High School: Algebra

  • Solve systems of equations.