This lesson covers Topics 1.5-1.6 in the AP Syllabus. Today we will learn about the theory of consumer choice and utility maximization. For extra-help on this topic try using this study guide.
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 demand to analyze economic problems.
I will be able to demonstrate this understanding using a graph of the aforementioned model.
At the beginning of the lecture below I indicate that this is the second lecture of Unit 2. In fact it is the third lecture of the Unit 1.
Let's watch this first.
Then watch this.
Assignments
Unit 1 Formative #2
Explanation of MCQ's (at home)
Explanation of FRQ (in class)
2. Read: Krugman (Module 51).
3. Watch: The video lecture for today's topic (linked above).
4. Optional: The videos linked below.
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