Supply and Demand in Gold Rush San Francisco
Written by Adi Ackerman, Head Teacher
"Supply and Demand in Gold Rush San Francisco" is written for 8th Grade (Ages 13-14), and it covers C3 Framework D2.Eco.6.6-8. A 7th grader who is already steady on Economics and Money can use it too, and an older student can use it as a short review.
2 pages in this set
8th grade social studies worksheet: plot sample shovel supply and demand in Gold Rush San Francisco and find three equilibrium points. Answer key included. Part of our supply and demand economics and money collection. Aligned to C3 Framework standards.
How do I use this worksheet?
Start with the salt market table, then graph with the Gold Rush sheet. Use the shifts sheet as review and the scarcity sheet for discussion.
What students will practice
- Students will plot two demand lines and two supply lines for shovels in Gold Rush San Francisco.
- Students will find the equilibrium price and quantity before the rush, after it and after more ships.
- Students will explain why the price fell from $14 to $10 when more ships arrived.
Mercantilism and the Navigation Acts
The Embargo of 1807 and Its Cost
Costs and Benefits of the Erie Canal
Shortage and Surplus in a Confederate Salt Market
Price Controls During the American Revolution
Supply or Demand Shifts in American History
Scarcity and Rationing in American History
Tariffs, Excise and Direct Taxes, 1789 to 1862
Curriculum Links
C3 Framework for Social Studies State Standards
Social Studies · 8th Grade
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Browse the grade, subject, and topic this belongs to.
FAQ
How do I use this supply and demand worksheet?
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Start with the salt market table, then graph with the Gold Rush sheet. Use the shifts sheet as review and the scarcity sheet for discussion.
What does this worksheet teach?
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Plot sample shovel supply and demand in Gold Rush San Francisco and find three equilibrium points. The directions on the page read: Read the text and the sample table. Then answer question 1 on the lines. An answer key is included.
Can I use this supply and demand worksheet for homeschool or classroom?
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Yes, both. We made it for 8th grade Economics and Money, and it works the same at home or at school. At home, a student can work through it alone and then go over it with you, which shows quickly what is solid and what needs another look. In class it works as independent practice, homework or a warm-up, and you can print one copy or a full set.
What is a shortage?
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A shortage is when buyers want more than sellers offer at a price. The salt market sheet finds the shortage at each price after the Union blockade cut supply.
What happens when a price ceiling is set below equilibrium?
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Buyers want more than sellers will offer, so there is a shortage. The price controls sheet finds the shortage at a $30 ceiling on a sample graph.
What is the difference between a shift and a movement along a curve?
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A change in a good's own price moves buyers and sellers along the curves. A change in a shifter, such as new technology, moves the whole curve.
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Worksheet Details
| Grade | 8th Grade |
| Subject | Social Studies |
| Topic | Economics and Money |
| Standard | D2.Eco.6.6-8 |
| Pages | 2 pages |
| Difficulty | Medium |
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Mercantilism and the Navigation Acts
The Embargo of 1807 and Its Cost
Costs and Benefits of the Erie Canal
Shortage and Surplus in a Confederate Salt Market
Price Controls During the American Revolution
Supply or Demand Shifts in American History
Scarcity and Rationing in American History
Tariffs, Excise and Direct Taxes, 1789 to 1862