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Economic Spotter: Supply and Demand at the Gold Rush
Source: Council for Economic Education (EconEdLink) | Type: Lesson

During the Gold Rush, people paid exorbitant prices for ordinary objects. Why? Because of the laws of supply and demand, that's why! In the lesson, students will see how these laws fit into this great historical time.

Grades:

• 3-5
• 6-8

Concepts:

• Demand
• Quantity Demanded
• Quantity Supplied
• Shortage
• Supply

Standards:

• Economics 7: Markets - Price and Quantity Determination
• Economics 8: Role of Price in Market System

Related Resources:

• Beanie Baby Prices Soar
• NOT your Grandma's Lemonade Stand
• A Lesson on the Supply and Demand of Toy Fads

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