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Supply and Demand

At The Gas Pump

Vocabulary Articles Assignment Rubric

Supply and Demand

Demand- The amount of a resource or product buyers are willing and able to buy at different possible prices.
Questions one must ask themself:
How much do I want to buy?
How much am I willing to pay?

Supply- The amount of a resource or product sellers are willing and able to sell at various possible prices.
Questions one must ask themself:
How much is available for me to buy?
Am I willing to pay a higher prices for items that are not readily available?

Supply and Demand determine the prices for:

Resources: Things that can be used to produce a good or service.

Goods- Things that people make or grow that satisfy economic wants.

Service- Actions (jobs) that people do for each other. A service is something that you cannot touch or hold. A service is consumed at the instant it is produced.

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Articles

What's Driving Up Gas Prices?

Gasoline Prices Go Sky High

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Assignment
Read both articles and compare them by answering the following questions.

What's Driving Up Gas Prices?
(Questions)

1. What is the article about?
2. Using the information from the article explain how taxes affect gas prices.
3. The term "consumers" is used in this article, who are they referring to?
4. According to this article how might the government help consumers when they are at the gas pump?

Gasoline Prices Go Sky High
(Questions)

1. Identify the most important point.
2. What information could you learn about gasoline prices by reading Gasoline Prices Go Sky High, from the World Report? Be sure to use economic terminology such as supply and demand.
3. How does gasoline pricing affect you and your family?

After reading both selections, respond to the following questions.

1. List at least two similarities found in What's Driving Up Gas Prices? and Gasoline Prices Go Sky High.
2. List at least two differences found in the two passages you have just read.
3. You have just read two articles on Gasoline Prices. Explain which text you would recommend to a fourth grader who wants to learn more about Gasoline prices and supply and demand. Use examples from both texts to support your answer.

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Rubric
Writing To Persuade

4 Points (Exemplary Writing)
Development
* clear sense of purpose and focus
* clear, concise topic sentence
* strong conclusion that restates and ties the details to the topic
* consistently uses original writing to convey factual information

Organization
* establishes an organizational plan and maintains it
* information is consistently organized in a logical order

Attention to Audience
* provides information relevant to the needs of the audience
* consistently considers the intended audience
* consistently uses interesting writing to capture the reader’s attention

Language
* consistently uses accurate and rich vocabulary
* consistently uses terminology appropriate for the topic and audience
* uses varied sentence structure and word choices
* errors in spelling, usage, punctuation, and capitalization, if present, do not interfere with meaning

3 Points (Good Writing- Frequently meets the criteria with some MINOR flaws)
2 Points (Fair Writing- Sometimes meets the criteria with some OBVIOUS flaws)
1 Point (Poor Writing- Does not meet the criteria, contains many MAJOR flaws)

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