In this module, you will learn about:
1) Why do Economics at IB?
2) Key Concepts in Economics
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In this module, you will learn about:
1) What is scarcity?
2) Understanding why scarcity forces choices to be made
3) Learning about opportunity costs
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Over time, we see prices of goods and services change. Why do you think sellers of goods and services change their prices?
When you buy goods and services, do you think your choices are always in your best self-interest?
How do consumers and producers make choices in trying to meet their economic objectives?
Video 1: Demand and supply: the force behind a cup of coffee
Video 2: Introduction to supply and demand
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In this module, you will learn about:
1) how interactions of demand and supply arrive at equilibrium market prices using relevant economic diagrams.