This lesson covers Topics 5.2 and 5.3 in the AP Syllabus.Today we will continue to study factor markets by developing the model of perfectly competitive labor markets.
Learning Target
Analyze the ways in which incentives influence what is produced and distributed in a market system.
Evaluate the extent to which competition among sellers and among buyers exists in specific markets.
Describe the consequences of competition in specific markets.
Criteria for Success
I will be able to use ideas related to market equilibrium and elasticities to analyze economic problems.
I will be able to demonstrate this understanding using a graph of the aforementioned model.
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Assignments
Read: Krugman (Module 71)
Watch: The video lecture for today's topic (linked above).
Optional: The videos linked below.
Khan Academy videos
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Formative Assessment (MCQ's): You will take a formal assessment during class. The assessment will consist of multiple-choice questions and one FRQ from an old AP Exam. Doing the problem of the day and ensuring that you understand it will help you prepare for today's formative assessment and help to ensure that you understand the concepts in this lesson.
Problem of the Day: Do "Study Question" 4 at the end of Chapter 26 in McConnell and Brue.