# CTE Resource Center - Verso - Fashion Marketing Task 1411502077

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Analyze the concept of supply and demand.

Definition

Analysis should include a definition of supply and demand and an explanation of why knowledge of the interrelationship of supply and demand is critical to understanding the free enterprise system and the fashion industry. It should also contain an explanation of the effects of the following factors on supply and demand:

  • Inflation
  • Deflation
  • Resources
  • Natural and economic events
  • Government intervention
  • Technology
  • Education
  • Elastic and inelastic demand

Process/Skill Questions

  • What factors affect the interaction of supply and demand? How do these factors affect the interaction?
  • What current trends in industry will affect the present state of supply and demand in the American economy?
  • How can supply and demand affect fashion marketing?
  • How do supply and demand affect price in the fashion industry?
  • How has the Internet had an impact on supply and demand in the fashion industry?
  • How does consumer behavior affect supply and demand?
  • How do fashion retailers and producers create demand?

Related Standards of Learning

English

10.3

The student will apply knowledge of word origins, derivations, and figurative language to extend vocabulary development in authentic texts.
  1. Use structural analysis of roots, affixes, synonyms, and antonyms, to understand complex words.
  2. Use context, structure, and connotations to determine meanings of words and phrases.
  3. Discriminate between connotative and denotative meanings and interpret the connotation.
  4. Explain the meaning of common idioms.
  5. Explain the meaning of literary and classical allusions and figurative language in text.
  6. Extend general and cross-curricular vocabulary through speaking, listening, reading, and writing.

10.5

The student will read, interpret, analyze, and evaluate nonfiction texts.
  1. Analyze text features and organizational patterns to evaluate the meaning of texts.
  2. Recognize an author’s intended audience and purpose for writing.
  3. Skim materials to develop an overview and locate information.
  4. Compare and contrast informational texts for intent and content.
  5. Interpret and use data and information in maps, charts, graphs, timelines, tables, and diagrams.
  6. Draw conclusions and make inferences on explicit and implied information using textual support as evidence.
  7. Analyze and synthesize information in order to solve problems, answer questions, and generate new knowledge.
  8. Analyze ideas within and between selections providing textual evidence.
  9. Summarize, paraphrase, and synthesize ideas, while maintaining meaning and a logical sequence of events, within and between texts.
  10. Use reading strategies throughout the reading process to monitor comprehension.

11.3

The student will apply knowledge of word origins, derivations, and figurative language to extend vocabulary development in authentic texts.
  1. Use structural analysis of roots, affixes, synonyms, and antonyms to understand complex words.
  2. Use context, structure, and connotations to determine meanings of words and phrases.
  3. Discriminate between connotative and denotative meanings and interpret the connotation.
  4. Explain the meaning of common idioms.
  5. Explain the meaning of literary and classical allusions and figurative language in text.
  6. Extend general and cross-curricular vocabulary through speaking, listening, reading, and writing.

11.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts including employment documents and technical writing.
  1. Apply information from texts to clarify understanding of concepts.
  2. Read and correctly interpret an application for employment, workplace documents, or an application for college admission.
  3. Analyze technical writing for clarity.
  4. Paraphrase and synthesize ideas within and between texts.
  5. Draw conclusions and make inferences on explicit and implied information using textual support.
  6. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  7. Analyze false premises, claims, counterclaims, and other evidence in persuasive writing.
  8. Recognize and analyze use of ambiguity, contradiction, paradox, irony, sarcasm, overstatement, and understatement in text.
  9. Generate and respond logically to literal, inferential, evaluative, synthesizing, and critical thinking questions about the text(s).

12.3

The student will apply knowledge of word origins, derivations, and figurative language to extend vocabulary development in authentic texts.
  1. Use structural analysis of roots, affixes, synonyms, and antonyms, to understand complex words.
  2. Use context, structure, and connotations to determine meanings of words and phrases.
  3. Discriminate between connotative and denotative meanings and interpret the connotation.
  4. Explain the meaning of common idioms, and literary and classical allusions in text.
  5. Extend general and cross-curricular vocabulary through speaking, listening, reading, and writing.

12.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts.
  1. Use critical thinking to generate and respond logically to literal, inferential, and evaluative questions about the text(s).
  2. Identify and synthesize resources to make decisions, complete tasks, and solve specific problems.
  3. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  4. Recognize and analyze use of ambiguity, contradiction, paradox, irony, overstatement, and understatement in text.
  5. Analyze false premises claims, counterclaims, and other evidence in persuasive writing.

History and Social Science

GOVT.14

The student will apply social science skills to understand economic systems by

  1. identifying the basic economic questions encountered by all economic systems;
  2. comparing the characteristics of traditional, free market, command, and mixed economies, as described by Adam Smith and Karl Marx; and
  3. evaluating the impact of the government’s role in the economy on individual economic freedoms.

GOVT.15

The student will apply social science skills to understand the role of government in the Virginia and United States economies by

  1. describing the provision of government goods and services that are not readily produced by the market;
  2. describing government’s establishment and maintenance of the rules and institutions in which markets operate, including the establishment and enforcement of property rights, contracts, consumer rights, labor-management relations, environmental protection, and competition in the marketplace;
  3. investigating and describing the types and purposes of taxation that are used by local, state, and federal governments to pay for services provided by the government;
  4. analyzing how Congress can use fiscal policy to stabilize the economy;
  5. describing the effects of the Federal Reserve’s monetary policy on price stability, employment, and the economy; and
  6. evaluating the trade-offs in government decisions.

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.3

The student will demonstrate knowledge of the price system by
  1. examining the laws of supply and demand and the determinants of each;
  2. explaining how the interaction of supply and demand determines equilibrium price;
  3. describing the elasticity of supply and demand; and
  4. examining the purposes and implications of price ceilings and price floors.

EPF.4

The student will demonstrate knowledge that many factors affect income by
  1. examining the market value of a worker’s skills and knowledge;
  2. identifying the impact of human capital on production costs;
  3. explaining the relationship between a person’s own human capital and the resulting income potential; and
  4. describing how changes in supply and demand for goods and services affect income.

EPF.10

The student will develop consumer skills by
  1. examining basic economic concepts and their relation to product prices and consumer spending;
  2. examining the effect of supply and demand on wages and prices;
  3. describing the steps in making a purchase decision, including the roles of marginal benefit and marginal cost;
  4. determining the consequences of conspicuous consumption;
  5. describing common types of contracts and the implications of each;
  6. demonstrating comparison-shopping skills;
  7. maintaining a filing system for personal financial records;
  8. examining the impact of advertising and marketing on consumer demand and decision making in the global marketplace;
  9. accessing reliable financial information from a variety of sources;
  10. explaining consumer rights, responsibilities, remedies, and the importance of consumer vigilance; and
  11. examining precautions for protecting identity and other personal information.

National MBAResearch Standards-Business Administration

Understand fundamental economic concepts to obtain a foundation for employment in business.