Demand and supply are the two forces that make market-based economies work. Demand reflects what consumers are willing and able to purchase at various prices.Supply reflects what producers are willing and able to produce at various prices. Price is related to the quantity of goods that consumers want and producers will provide, though other variables can have a significant influence as well. Economists use elasticity as a tool for measuring how responsive consumers and producers are to price changes.
Demand
Substitute good
Complementary good
Supply
Revenue
Elascity
Market Equilibrium
Equilibrium Quantity
Price Controls
Price Floors
Price Ceiling
Perfect Competition
Monopoly
Oligopoly
Monopolistic Competition
Market Failure
Externality
Public goods
D2.Eco.3.9-12. Analyze the ways in which incentives influence what is produced and distributed in a market system.
D2.Eco.4.9-12. Evaluate the extent to which competition among sellers and among buyers exists in specific markets
D2.Eco.5.9-12. Describe the consequences of competition in specific markets.
D2.Eco.6.9-12. Generate possible explanations for a government role in markets when market inefficiencies exist.
D2.Eco.7.9-12. Use benefits and costs to evaluate the effectiveness of government policies to improve market outcomes.
D2.Eco.8.9-12. Describe the possible consequences, both intended and unintended, of government policies to improve market outcomes.
D2.Eco.9.9-12. Describe the roles of institutions such as clearly defined property rights and the rule of law in a market economy.
Supply and Demand Quiz (Google Form- Please make your own copy to use)
Supply, Demand and Market Equilibrium in the Real World Project (Google Slide Version)
Supply, Demand and Market Equilibrium in the Real World Project (Old School Poster Version)
Supply and Demand Project Presentations
Market Structure Graphic Presentation