Oklahoma Academic Standard 4. The student will identify and describe basic economic activities creating prosperity in the state of Oklahoma. 

Objective 4.2 Summarize how the factors of scarcity and surplus and the laws of supply and demand of natural and human resources require people to make choices about producing and consuming goods and services.

Objective 4.3 Examine how the development of Oklahoma's major economic activities have contributed to the growth of the state, including oil and natural gas, industry, agriculture, aviation, tourism, tribal enterprises, and military installations.

In a Nutshell

This objective calls on students to develop a basic understanding of how supply of a good or service impacts price in a market economy. Students should also be able to provide examples of scarce versus surplus products that are familiar to them. In a market economy, students should understand how buyers make choices that impact the availability and therefore, the price of a good. The many economic activities that contribute to our state’s economy, such as energy, agriculture, tourism, and aviation, are influenced by such economic factors as supply and demand. Students should also continue to develop their understandings of how economic activities in our state are related to the natural resources that support employment and growth.

Teacher Action 

Student Action 

• Provide opportunities and support for students in order to explain how the concepts of supply and demand operate in a market economy, using historic and contemporary examples. 

• Assist students to describe why people in one country trade goods and services.

• Provide appropriate resources and support for students to gather basic economic data from various types of graphs and charts.

• Give examples of costs and benefits resulting from personal economic decisions. 

• Describe freedom of choice when determining needs and wants in a free market. 

• Describe examples of the goods and services that individuals businesses and local and state governments provide. 

Key Concepts 

Misconceptions 

• natural resources, human resources

• supply and demand factors of economic systems

• free market, role of consumers and producers , entrepreneur

• aviation, enterprise, industry, aerospace, installation, tourism 

• Some students may mistakenly assume that any product, good, or service can be developed in any region of the country or state, without understanding the direct link between economic activities and available natural and human resources.

• Some students will have only rudimentary understanding of how producers make decisions about what goods or services to provide based on what consumers want or need- the basic concept of the supply and demand factors of any economic system.

Instructional Resources

Access suggested instructional resources correlated to the learning standard and objective.