The Price of Choice: Scarcity and Markets · Microeconomics

How Markets Function

Exploring the interaction between buyers and sellers and how price signals coordinate economic activity.

Key Questions

  1. 1How do changes in consumer preferences shift market equilibrium?
  2. 2What happens to social equity when prices are determined solely by demand?
  3. 3How do producers respond to price signals in a competitive landscape?

ACARA Content Descriptions

AC9HE9K01AC9HE9K02
Year: Year 9
Subject: Economics & Business
Unit: The Price of Choice: Scarcity and Markets
Period: Microeconomics

Suggested Methodologies

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