Lesson 8 - The Demand and Supply Model
Goal
You will be able to understand the meaning of demand and supply, how the forces of demand and supply set prices, predict why prices for particular goods or services might change and construct your own demand and supply graphs
Microeconomics (micro = small) is concerned with how consumers and businesses make economic decisions. Consumers must decide what to buy, and businesses must decide what goods and services to sell, how many goods and services to produce, and how much to charge for their goods and services. The operating forces of demand and supply are key to these choices: together, these forces determine the prices for goods and services in each of the many markets that combine to make up our economy.
What will happen to the demand for a product which you like and buy often, if the price of that product rises?2 assessments- hard copy
Students to complete this after you've finished all activities/tasks in today's lesson.