Objective
Students will be able to:
Understand how consumer choices determine the demand curve of products.
Explain how consumers use their budget constraints and indifference curves to optimize the utility of their choices.
Standards
In this economics video series, students will learn about how to be a consumer and how to assess demand.
Description
Did you know that Starbucks offers over 80,000 combinations of drinks? Faced with so many choices everyday, how do we ever choose what to buy? As these four videos show, the answer lies at the intersection of two key concepts: budget constraints and indifference curves. The unit ends with an overview of utility optimization: a fascinating process that we unconsciously undergo every time we make a choice. Every video comes with practice questions!