● Critical Thinking and Problem Solving:
○ Students analyze complex economic concepts such as changes in demand, elasticity, and the impact of government policies, requiring them to think critically and solve problems.
● Economic and Financial Literacy:
○ Understanding the nuances of demand, elasticity, and market dynamics enhances students' financial literacy and their ability to make informed decisions in a free market economy.
● Global and Cultural Awareness:
○ Exploring how economic factors and government policies affect demand helps students appreciate the interconnectedness of global markets and cultural influences on consumer behavior.
● Adaptability and Resilience:
○ Learning how to adapt to changes in consumer preferences and government policies prepares students to navigate and respond to a dynamic economic environment.
● Decision Making and Ethical Leadership:
○ Evaluating the effects of economic policies and decisions fosters responsible and ethical decision-making skills.
1. How do changes in consumer preferences and income levels infl uence the demand for goods and services in a free market?
2. What role do substitute and complementary goods play in shaping the demand for a product?
3. How do expectations about future prices affect current demand?
4. In what ways do government policies, such as taxes and subsidies, impact consumer demand in a free market?
5. How does the concept of elasticity of demand help businesses determine pricing strategies?
● SS:EC:1: Economics and the Individual: Students will learn about their role in a free market, how decisions that they make affect the economy, and how changes in the economy can affect them.
● SS:EC:2: Basic Economic Concepts: Students will learn about the pillars of a free market economy and the market
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