Supply and Demand

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					Supply and Demand

Social Studies/Economics
Descriptive Overview
Just as one person is free to begin a
business, all others are free to
begin a business also. Thus,
competition affects the market.
This lesson will give examples of
competition in the market place.
Key Questions:
   Define market and
    competition.
   How does competition
    affect the market?
   How does competition
    differ in the various
    economic systems?
   What is the economic
    impact of supply and
    demand on the market?
Lesson Objectives/Goals:
    Students will be able to:
         determine what and
          how much of a
          product to produce
         explain how
          competition can affect
          the market (supply
          and demand)
Terminology/Vocabulary:
   free enterprise
   supply
   demand
   law of supply, law of
    demand
   factors of production
   determinants
   retail business

				
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posted:10/26/2011
language:English
pages:5