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Big Questions
The main overarching question of this course is: How do individuals and societies make sense of
and assess economic information to make decisions?
By the end of this supply and demand unit, you will be able to answer the following questions:
Key Vocabulary
Law of Demand Inelastic, Unit Elastic, Elastic demand Normal, Inferior, & Luxury Goods
Law of Supply Price Elasticity of Supply Substitute & Complementary
Utility Price Elasticity of Demand Goods
Budget Cross Price Elasticity of Demand Product Market
Elasticity Consumer & Producer Surplus Factor Market
Substitution Effect Marginal Utility Circular Flow Diagram
Income Effect Marginal Utility per Dollar Optimum Consumption Rule
Content
Circular Flow Diagram, Utility
Pre-Learning Assessment
Pre-Learning (What do you think you Curiosity (What questions do you have?)
know?)
I can list and explain all the determinants of supply and demand.