Price Signals and Market Equilibrium · Supply & Demand
Price Elasticity
Measuring the responsiveness of consumers and producers to changes in price and income.
Key Questions
- 1Why do governments tax goods with inelastic demand more heavily?
- 2How does the availability of substitutes change consumer power?
- 3What trade-offs does a firm face when deciding to raise prices?
MOE Syllabus Outcomes
MOE: Markets and Price Mechanism - S4
Level: Secondary 4
Subject: Economics
Unit: Price Signals and Market Equilibrium
Period: Supply & Demand
Suggested Methodologies
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