Objective
In this session teachers will be able to:
- Use cost-benefit analysis to make decisions.
- Examine how a society’s productive resources are utilized to create goods and services.
- Evaluate how market prices are determined through the interaction of supply and demand.
- Evaluate the impact of different market structures on market output, price, and economic welfare.
Standards
Description
In the second portion of this session, participants will dive into the fundamentals of supply and demand, exploring the forces that drive them and the ways in which they interact to determine market equilibrium, prices, and quantities. Finally, in the final segment, teachers will examine the various market structures that exist in the economy, such as perfect competition, monopoly, monopolistic competition, and oligopoly. Each of the three segments will be followed by pedagogical strategies and activities that can be easily implemented in the classroom.