Iowa Core Standards
E.1. Understand the role of scarcity and economic trade-offs and how economic conditions impact people’s lives.
E.1.3. Understand that businesses are willing to sell more products and services when prices go up and less when the price goes down.
E.6. Understand that all economies throughout the world rely upon universal concepts.
E.6.1. Understand that there are producers and consumers in all economies.
E.6.2. Understand supply and demand in various types of economies.