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How do changes in price affect how goods and services are distributed in an economy?
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Student Learning Map
- Topic:Supply and Demand
- Subject(s):Social Studies
- Days:10
- Grade(s):12
Key Learning:
The interaction of supply and demand is an essential component of a market economy.
Unit Essential Question(s):
Lesson Essential Question(s):What is the law of demand? (A)What are the determinants of demand? (A)How do the real income effect, the substitution effect, and diminishing marginal utility relate to the law of demand? (A)Lesson Essential Question(s):What is the law of supply? (A)What is the law of supply? (A)How does the prospect of greater profits affect quantity supplied? (ET)Lesson Essential Question(s):What are the determinants of supply? (A)What is the equilibrium price and quantity? (A)How do the real income effect, the substitution effect, and diminishing marginal utility relate to the law of demand? (ET)What factors/events cause the equilibrium price to shift? (ET)How is price affected by shortages and surpluses? (ET)Vocabulary:demand, supply, market, voluntary exchange, law of demand, quantity demanded, real income effect, substitution effect, utility, marginal utility, law of diminishing marginal utility, demand curve, demand schedule, complementary good, elasticity, price elasticity of demand, elastic demand, inelastic demand
Vocabulary:law of supply, quantity supplied, supply schedule, supply curve, technology, law of diminishing returns
Vocabulary:equilibrium price, shortage, surplus, price ceiling, price floor, rationing, black market
Additional Info:
Textbook: Economics Today and Tomorrow, chapter 7 as well as related ancillary materials.
Resources:
