Lesson Plan - 5 Big Questions About Rising Prices

Activate Prior Knowledge

Ask: Have you noticed an increase in prices for food and other things? Do you know the word for what has occurred?

Preview Words to Know

Project the online vocabulary slideshow and introduce the Words to Know.

• consumers
• production

Set a Purpose for Reading

As students read, have them note three facts about rising prices they might share with family or friends.

1. What are supply and demand, and how do they affect prices? Supply is the amount of a product that is available. Demand is how much consumers want of a product. If demand is high and supply is low, prices often go up. If demand is low and supply is high, prices often go down.

^{(RI.3.2 MAIN IDEA AND KEY DETAILS)}

2. Why does the author talk about the Covid-19 pandemic? The author talks about Covid-19 because it led to higher prices. Many factories made fewer goods. The supply of many goods became low, but demand has been high. That has made prices rise.

^{(RI.3.6 AUTHOR’S PURPOSE)}

3. Why can the price of gasoline affect the prices of items in a store? High gas prices make it more expensive to ship goods by truck or plane. Stores have to pay for that shipping. They often raise the prices they charge customers so they can pay the higher shipping costs.

^{(RI.3.3 CAUSE/EFFECT)}

FEATURED SKILL: Build Vocabulary

Use the Skill Builder “Money Talk” to help students build financial literacy.

^{(RI.3.4 VOCABULARY)}