Market Equilibrium: Supply and Demand
Students examine the laws of supply and demand and how they reach equilibrium in a competitive market.
Key Questions
- Analyze the incentives driving consumer and producer behavior in a market.
- Explain how changes in consumer preferences shift market equilibrium.
- Evaluate the trade-offs created by government intervention in market pricing.
ACARA Content Descriptions
Suggested Methodologies
Ready to teach this topic?
Generate a complete, classroom-ready active learning mission in seconds.
More in The Price of Everything: Markets and Choices
Scarcity, Choice, and Opportunity Cost
Students explore the fundamental economic problem of scarcity and how it necessitates choices, introducing opportunity cost.
2 methodologies
Production Possibilities Frontier
Students use the Production Possibilities Frontier (PPF) model to illustrate scarcity, choice, opportunity cost, and efficiency.
2 methodologies
Demand: Determinants and Shifts
Students differentiate between movements along the demand curve and shifts of the entire demand curve, identifying key determinants.
2 methodologies
Supply: Determinants and Shifts
Students differentiate between movements along the supply curve and shifts of the entire supply curve, identifying key determinants.
2 methodologies
Elasticity of Demand: Price Sensitivity
Investigating why some goods see massive price swings while others remain stable despite changes in demand.
2 methodologies