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Economics

Question: Objectives: Given the basic economic problem of scarcity, apply opportunity costs and markets, and examine how the price mechanism reconciles changes to either/both function(s), resulting in a new market equilibrium price and level of output.

Enablers: · Examine the determinants of demand and supply.

· Differentiate between a change in quantity demanded/quantity supplied (a movement along a fixed demand curve) and a change in demand/change in supply (a movement of the entire demand curve).

· Illustrate how market equilibrium is reached.

· Illustrate the movement of the supply and demand curves and the resulting new equilibrium price and quantity.

· Evaluate the factors that influence price elasticity of demand and supply.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92705154

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