Markets and Price Determination · Microeconomics
The Law of Demand
Understanding the inverse relationship between price and quantity demanded and the factors that shift consumer preferences.
Key Questions
- 1How does a change in price affect consumer purchasing power?
- 2What role does utility play in determining how much we are willing to pay?
- 3Why do some products see higher demand even when prices rise?
Ontario Curriculum Expectations
ON: Canadian and World Studies - Grade 9ON: Market Dynamics - Grade 9
Grade: Grade 9
Subject: Economics
Unit: Markets and Price Determination
Period: Microeconomics
Suggested Methodologies
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