Teacher's Notes
Theme:
The principles of supply and demand depend on the basic principle that people seek to satisfy their desires with the least exertion.Sub-theme:
Different markets have different characteristics of elasticity of demand or supply.Concepts:
- utility
- supply and demand
- elasticity
- diminishing returns
- price theory
Performance objectives -- this lesson focuses on developing skills at:
- Developing an abstract representation of a concrete situation
- Analyzing the characteristics of different markets
- Evaluating a range of options that bear on an economic decision
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